The AUDUSD pair fell slightly during the course of the session on Wednesday, as we continue to consolidate just above the 0.70 level.

With this, it’s very likely that the market could bounce from here, but we look at any bounce as a potential selling opportunity as the US dollar continues to be one of the strongest currencies in the Forex market.

If we can break down below the 0.70 level, the market should then go down to the 0.69 level.

Below there, then we get a much larger move. In the meantime, we feel this market will be very volatile and choppy.

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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