The AUDUSD pair fell during the course of the day on Thursday, but found enough support to turn things back around and form a hammer.

Because of this, we feel that this market is more or less a market that is trying to form some type of base in this area although we feel that the market is still most certainly bearish overall.

With that, we are very hesitant to get involved, and are looking for more clear-cut signals. Right now, we don’t have that though so we have to sit on the sidelines and protector trading capital.

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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