The AUDUSD pair went back and forth during the course of the day on Thursday, as the 0.75 level offered resistance.

Because of this, we feel that the market will eventually break down, but we could get a bit of volatility in the short-term.

We prefer to sell short-term rallies, as they offer “value” in the US dollar as the Australian dollar simply is not one to own at the moment.

The commodity markets of course are going to be soft, and with all of the issues in Greece, safety currencies are the ones to own at the moment, which of course means the US dollar in this particular pair.

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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