The AUDUSD pair rose slightly during the course of the day on Thursday, as we continue to see buying pressure underneath.

However, we also continue to see quite a bit of resistance just above the 0.72 handle, so this point in time we have no interest whatsoever in buying.

Ultimately, we believe that this market will reach back towards the 0.70 level, especially considering that the gold markets look so soft.

Granted, they did rise during the session on Thursday, but are still quite a bit away from breaking out to the upside currently.

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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