The AUDUSD pair initially rallied during the day on Thursday but turned back around to give up about half of the gains.

Because of this, the market looks as if it is trying to break down but this point in time you also have to recognize that there is a lot of support just below.

If we can break above the top of the candle for the session on Thursday, we could reach towards the 0.76 level.

Ultimately, this is a market that could very well grind lower, but it would be much easier to go higher at this point in 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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