The AUDUSD pair broke higher during the course of the day on Tuesday, clearing the 0.70 level at one point.

Because of this, we did get a bit of a bounce, and that is what we have been expected. If we can get some time a resistive candle in this general vicinity, we would be willing to sell.

In fact, we think there is a massive amount of resistance all the way to the 0.72 level, an area that has pushed this market lower before.

We have no interest whatsoever in buying, the Australian dollar is extraordinarily soft.

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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