The AUDUSD pair went back and forth during the course of the day on Wednesday, essentially settling on a neutral candle.

There is quite a bit of support just below though, so ultimately it’s very likely that a pullback will continue to bring in buyers based upon value.

With this, given enough time the market should continue to find buyers, but we will more than likely bounce around and struggle to find any clear direction for the short-term.

Ultimately, this is a market that will continue to follow the gold (GLD, quote) markets as well, so having said that it’s likely that we go higher given enough time.

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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