The AUDUSD pair fell significantly during the course of the session on Tuesday, crashing into the 0.75 support level.

I believe that there is support all the way down to the 0.74 level, so a supportive candle could be reason enough to start buying if we get one on a daily close.

In the meantime, it’s probably best to step away from the Australian dollar as the Reserve Bank of Australia surprise the markets with an interest-rate cut yesterday.

With this, we will continue to monitor the Australian dollar, but stand on the sidelines currently.

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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