The AUDUSD pair initially fell during the course of the day on Wednesday but turn right back around to break above the 0.75 level.
With this, I do believe that the Australian dollar will more than likely go higher given enough time. In the meantime, expect a lot of volatility due to the snapback that we saw a couple of weeks ago by forming a massive shooting star.
Pullbacks that show signs of support below could be buying opportunities but quite frankly this is going to be a very volatile market in this particular area.
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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