The AUDUSD pair went back and forth during the day on Wednesday, but pierced below the bottom of the hammer from Tuesday which of course is a fairly negative sign.

Nonetheless, we are not sellers until we break down below the bottom of the range for the Wednesday session, and also recognize that it will be more of a grind lower than any type of meltdown.

As far as buying is concerned, we would have to break above the top of the range for the Wednesday session in order to do so for a short-term move higher.

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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