The AUDUSD pair went back and forth during the course of the day on Tuesday, eventually closing with a fairly negative looking candle.

That being the case, the shooting star forming for Tuesday was preceded by the shooting star on Monday.

With this, it appears that the market might be ready to pull back from here, but there is a significant amount of support just below.

With this, we would be on the sidelines as this market simply looks a bit difficult to deal with at the moment, and certainly quite a bit choppy.

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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