Commodity currencies got beat severely during the session on Tuesday and of course the Australian dollar was no different.

However, we are still consolidating as far as I can see so therefore I don’t have any interest in trading this market currently.

I believe that a lot of back and forth trading is probably about to happen, so if you are a scalper this might be a nice opportunity, but beyond that I think it’s best to be on the sidelines until this market can make some type of impulsive candle for you to follow.

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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