The AUDUSD pair initially fell during the course of the day on Tuesday, testing the 0.74 area.

We turned right back around in order to form a slightly positive candle, but we are getting fairly close to the 0.75 level, an area that should be rather resistive due to the fact that it is a large, round, psychologically significant number, and of course had significance in the past on historical charts.

We have notched in selling, as it seems as if the market has been rather well supported recently.

Once we break above the 0.75 level, we feel that the Aussie will continue to go much higher.

Editor’s Note: Equity investors/traders can use the Currency Shares Australian Dollar Trust (FXA, quote) ETF to take positions in the Aussie dollar without a FOREX account.  The ETF looks to track the price of the Aussie dollar (AUDUSD), minus ETF fee. The fund seeks to reflect the price of the Aussie dollar (AUDUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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