The AUDUSD pair broke higher during the course of the session on Thursday, testing the top of the shooting star from the Wednesday session.

The 0.7250 level above is resistance, so we are waiting to see whether or not this market can break above there.

Once we get above the 0.73 level though, we feel the market will start to reach towards the 0.75 level. Any resistive candle between here and the aforementioned 0.7250 level, we are sellers of.

If we can get above the 0.75 level, it would of course be a bit of a trend change at that point.

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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