AUDUSD has been on a steady uptrend, as seen on the 4-hour time frame, but it appears that the rally is slowing down.

The pair has formed lower highs from April to May, indicating that sellers are becoming more aggressive.

The pair is still finding support at the .9300 major psychological level and the rising trend line.

However, stochastic is indicating selling pressure and a breakdown might still be possible. After all, the recently announced budget cuts and downbeat RBA minutes might be a reason for the Aussie to sell off.

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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