The AUDUSD pair fell during most of the session on Wednesday, but bounce significantly off of the 0.91 handle, as we formed a massive hammer.

That being the case, if we break the top of the hammer, we feel that the market will more than likely bounce only back to the 0.94 handle given enough time.

This market is going to be difficult to sell though, so really at this point time were going to go long on a break out to the upside and taking those trades as often as they come.

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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