The AUDUSD pair took off to the upside during the session on Tuesday, breaking the top of the hammers and more importantly, breaking above the sideways grind that we have been stuck in for 2 weeks.

With that, the market close towards the top of the range, thereby signaling that more buying will more than likely continue.

With that, we still anticipate this market will go to the 0.95 handle, but going forward we think that pullbacks could occur.

Those pullbacks should in fact be buying opportunities in this market as short-term traders get involved

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 euro, minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.

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