The AUDUSD pair initially tried to rally during the day on Wednesday, but found far too much in the way of resistance near the 0.7750 level, turning things back around to form a bit of a shooting star.

At the end of the day though, the reality is that the market is simply consolidating, so having said that it’s easy to simply sit on the sidelines and wait for this market to decide what it wants to do.

We believe that it’s only a matter of time before we get involved but don’t have a reason to do so right now.

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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