The AUDUSD pair tried to break out above the 0.88 level yet again, but on Wednesday found the sellers more than willing and up to the task of keeping the markets down.

With that, it appears of the market should continue to grind lower, although we would emphasize the word grind.

Because of this, you can be bearish of this market but it is one that is going to require quite a bit of patience, as the moves probably won’t be overly aggressive one way or the other.

Ultimately though, we believe that the Australian dollar continues to lose value.

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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