The AUDUSD pair fell significantly during the session on Tuesday, as we continue to chop around in this market.

There is a significant amount of support just below at the 0.7150 level, so we believe that the market could very well bounce from here.

However, if we break down below the lows of the session, the market could very well try to reach back towards the 0.70 handle.

Ultimately, the markets again be very volatile and quite frankly it’s probably going to be a very difficult day to trade the Australian dollar.

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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