The AUDUSD pair bounced during the course of the day on Thursday, but still remains trapped in the basic consolidation that we have seen for some time now.

The 0.88 level continues to be a bit of a magnet for price, and as a result we feel that the market will more than likely form another resistive candle here soon, offering yet another short-term selling opportunity.

We believe that the market cannot be bought until we clear all of the resistance, which we see going all the way to the 0.9050 handle. With this, we are bearish.

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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