The Australian dollar initially rallied during the day on Thursday, but turned around to form a bit of a shooting star.

The shooting star is very interesting candle for me, because it shows that the highs are continuing to get progressively lower.

With that being the case a break down below the bottom of the shooting star should be a selling opportunity, perhaps for a short-term opportunity at best.

A break above the top of the shooting star would be very bullish, but I still think there is more than enough noise above to keep me from buying.

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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