The AUDUSD pair fell during the course of the session on Tuesday, but as you can see is testing the uptrend line from the ascending triangle that we have been paying so much attention to.

Suddenly put, if we can break down below the 0.71 handle, we feel that this market should continue to go much lower.

If we can break down below there, the market could go as low as the 0.69 handle, and should offer quite a bit of selling opportunities on short-term charts, as well as long-term ones going forward.

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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