The AUDUSD pair initially fell during the course of the session on Tuesday, but turned back around to find a very positive candle at the outcome.

We still believe that there is a significant amount of resistance somewhere near the 0.7250 level, so we are simply going to let the market “come back to us” before we start selling.

A break down below the bottom of the range for the session on Tuesday would also offer a selling opportunity as far as we can see.

We have no interest in buying this market at this point in time.

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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