The AUDUSD pair initially tried to rally during the day on Tuesday, but then turned back around to fall towards the 0.70 handle.

That area is a large, round, psychologically significant number of course, and could cause quite a bit of support.

However, there are unemployment numbers coming out of Australia today, so it is likely that could be the catalyst to move this currency in one direction or the other.

A bounce from this area could be a decent opportunity to start selling on exhaustion. A break down below the 0.69 handle freeze this market to reach down towards the 0.65 level.

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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