The AUDUSD pair broke higher during the day on Wednesday, as we slammed into the 0.78 resistance barrier.

We didn’t break above it though, so at this point in time we don’t really see much of a trade here.

We could pull back a little bit, but at the end of the day this is a market that continues to chop around and certainly doesn’t give us any clear signal as to what we should be doing.

With that, we are on the sidelines when it comes to the Australian dollar at the moment.

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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