The AUDUSD pair rose during the day on Wednesday, but struggled as we broke above the top of the shooting star from Tuesday.

Nonetheless, this is a bullish sign, so it seems as if we are going to go higher given enough time. We still have a target of 0.80, and believe that pullbacks will continue to offer value that traders will be more than willing to take advantage of.

Pay attention to gold (GLD, quote), it looks healthy as well, and if it breaks out to the upside that should be enough to drive the Australian dollar higher.

We have no interest in selling, and believe that the 0.77 level below should be supportive as well.

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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