The AUDUSD pair initially tried to rally during the day on Wednesday but found the area above the 0.75 level to be a little bit too rich.

By doing so, we ended up turning a bit negative but we are still well within the massive amount of support that extends all the way down to the 0.74 level.

Ultimately, we are waiting to see whether or not we get some type of supportive daily candle in order to start going long again, or if we get a daily close below the 0.74 level that we can start selling.

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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