The AUDUSD pair went back and forth during the course of the day on Tuesday, crashing into the 0.75 level, and then shooting towards the 0.7650 handle.

After the interest-rate announcement and statement, it appears that the Australian dollar is going to continue to show strength, especially considering the gold (GLD, quote) markets are also pulling the Aussie higher.

Ultimately, this is a market that will continue to find buyers on pullbacks, as we have quite a bit of buying pressure underneath it and we should then continue to rise in value over the longer term.

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.

Content curiosity of FOREXCycle