The AUDUSD pair broke down during the course of the day on Wednesday, finally breaking down below the uptrend line that has been holding it up for some time.

Because of this, we continue to sell short-term rallies that show signs of exhaustion, and of course breakouts below the bottom of the range for the day on Wednesday.

We believe that the 0.70 level will offer a bit of support, but quite frankly at the end of the day we should continue to go much lower and reach towards the 0.69 handle 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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