The AUDUSD pair went back and forth during the course of the session here on Wednesday, as we continue to try to build up enough momentum to make a significant move.

At this point in time though, I feel that the Australian dollar is probably going to grind sideways as we are trying to break out to the upside, but simply don’t have enough momentum.

Pay attention to the gold (GLD, quote) markets, because they of course have quite a bit of an influence on the Australian dollar itself. If they go higher, the Aussie will probably climb.

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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