The AUDUSD pair fell during the course of the session on Wednesday, as we crashed towards the 0.7650 level.

We believe that there is a significant amount of support near the 0.76 level, and as a result we have no interest whatsoever in selling at this point in time.

However, we don’t have a reason to start buying either and as we have for some time, we are simply sitting on the sidelines waiting for the Australian dollar to make some type of move.

That being the case, we believe that the market is one that should continue to be difficult.

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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