The AUDUSD pair initially tried to rally during the course of the day on Wednesday, but found far too much in the way of resistance above to continue the move.

Although we finished with a positive candle, the truth of the matter is that the Australian dollar looks a little overdone. At this point in time though, it’s probably best to leave this market alone as there are a lot of moving pieces.

The gold markets are rocketing to the upside, while the US dollar is struggling.

However, this is not translating into a stronger Aussie, which is a bit out of the norm.

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.

Content curiosity of FOREXCycle