The AUDUSD pair initially tried to rally during the course of the day on Tuesday, but found itself struggling yet again.

Because of this, we believe that the market is in fact going to try to reach down to the 0.70 level, and try to find some type of support.

In the meantime, we feel that the market will continue to struggle overall, and short-term rallies could be selling opportunities as the Australian dollar continues to look very vulnerable.

On top of that, gold markets fell during the session and look ready to continue going lower.

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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