The AUDUSD pair tried to rally during the course of the day on Thursday, but found the 0.88 level be far too resistive and therefore turned back around and form a shooting star.

That shooting star of course is very weak and suggests that we are going to go lower, perhaps testing the bottom of the consolidation area down at the 0.8650 region.

We have no interest in buying this market anyway, and quite frankly looks a little bit tight to be bothered with in general. With that, we are fairly ambivalent about this market.

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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