The AUDUSD pair initially fell during the course of the session on Thursday, but bounced enough in order to form a bit of a hammer.

Because of this, it looks like the Australian dollar is getting ready to continue going higher, but quite frankly we do not like buying this pair because there are far too many areas above that could cause a bit of resistance, so we are on the sidelines at this point.

Nonetheless, we will look for trading opportunities into the future but recognize that this particular pair is probably going to be a bit choppy for our liking.

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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