AUDUSD fell significantly during the course of the session on Wednesday, as the market continues to bounce around the 0.70 level.

The market has broken down previously, and as a result it’s more than likely that the market is going to continue even lower.

The uptrend line that we broke down below signal a major shift in momentum, and at this point in time it looks very likely that any rally continues to see selling pressure.

At this point in time, we anticipate the AUDUSD pair dropping down to the 0.65 level given enough time.

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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