The AUDUSD pair initially fell during the course of the session on Thursday, but found enough support near the 0.72 level to turn things back around.

Ultimately, it appears that the market should bounce from here, and as a result if we can break above the top of the range for the Thursday session we would be willing to start going long on short-term moves.

We don’t have any interest in hang on anything for significant amount of time though, as the market should continue to chop around.

If we break down, we could go as low as 0.70 again, but we would wait until we move below the 0.7150 level to do such a trade.

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