The AUDUSD pair tried to go higher during the course of the day on Tuesday, and did gain a bit. However, you can see that we continue to hang about the 0.93 level, as the consolidation area has been rather tight.

With that being the case, if we can break down below the 0.92 level, we feel that this market goes down to the 0.90 handle.

On the other hand, if we break above the 0.9350 level, we should head to the 0.9450 level given enough time. However, we believe that the market should continue to be very choppy.

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.

Content curiosity of FOREXCycle