The Australian dollar initially fell during the day on Wednesday, but turned around to form a relatively supportive looking candle.

There is a lot of noise above though, so I’m not willing to start buying at this point.

A break above the 0.7750 level could send this market higher, and that of course would be very positive as we continue to build out bullish pressure. Pay attention to the gold (GLD, quote) markets, if they continue to go higher it should push the Aussie higher as well.

Pullbacks should find plenty of support below so I look at them as potential “value” that I can take advantage of.

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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