The AUDUSD pair broke down during the course of the session on Wednesday, testing the 0.79 handle.

This is an area where we would anticipate seeing a bit of support, and therefore we are not interested in selling.

We believe that sooner or later the buyers will probably come back into this market and push this pair back towards the 0.80 level. With that, we are essentially on the sidelines, as we do not have a bullish candle to start buying.

We will keep you updated, but at this point in time we have no interest in risking money in this market.

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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