The AUDUSD pair initially tried to rally during the course of the day on Thursday, but then turned right back around to form a nasty looking shooting star.

A break down below the bottom the candle is negative, and could have this market looking for the 0.76 level and very short-term.

On the other hand, if we can break above the top of the shooting star, that would be an extraordinarily bullish sign as the market would then reach towards the 0.80 level above.

Ultimately, I think the one thing you can count on is volatility.

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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