The Australian dollar initially rallied during the day on Wednesday, but found far too much in the way of resistance above and ended up turning back around and form a fairly negative candle.
Nonetheless, I don’t feel comfortable selling this market as I see so many areas of support just below.
With this, although I recognize that the Australian dollar very well could fall, I more than likely just to sit on the sidelines at this point in time.
Pending I think you can count on in this market is going to be volatility though.
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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