The AUDUSD pair initially fell during the course of the day on Tuesday, but found the 0.90 level to be supportive enough to bounce significantly.

With that, we crashed into the 0.91 handle for resistance, and look as if we are ready to continue going to the 0.92 level.

Pullbacks on short-term charts will be buying opportunities as far as we can tell, and as a result we are not interested in selling at this point in time.

We believe that ultimately the AUD/USD pair will continue to go higher but certainly has a lot of work to do.

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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