The AUDUSD pair fell initially during the course of the session on Tuesday, but turned back around to form a hammer as we press up against the massive resistance at the 0.7675 level.

With this being the case, the market looks as if we are getting ready to go higher, and that will be especially true if the gold (GLD, quote) markets continue to rally.

With this being the case, I am a buyer the Australian dollar overall and believe that eventually we will break out to the upside for a longer-term move.

I have no interest in selling at the moment.

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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