The AUDUSD pair initially fell during the course of the day on Thursday, but then turned back around to form a bit of a hammer.

The 0.72 level of course has offered support, but we think there is a significant amount of resistance above at the 0.73 handle or so.

We believe that resistive candles above should be selling opportunities, as the gold markets are not necessarily strong.

On top of that, the US dollar continues to be one of the stronger currencies around the world, so given enough time we believe that this market drops.

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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