The AUDUSD pair fell during the course of the session on Thursday, testing the 0.74 level.

There is a significant amount of support at that area as we have seen quite a bit of resistance there as well.

Ultimately, it makes a lot of sense that the market would bounce from there and therefore I am looking for a supportive candle or a bounce in order to start buying.

I will wait until we get the daily close, but once we do and if it confirms that the buyers are coming back to the marketplace, I will not hesitate to start buying.

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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