The AUDUSD pair initially tried to fall, but then turned around to slam into the 0.75 level.
Ultimately, this is a market that is at fairly low levels, but I also feel that the market could be bought if we can clear the top of the range for the session on Wednesday.
At that point in time, I feel that the market would then reach to the 0.77 handle.
In the meantime though, I’m waiting to see whether or not we get an exhaustive candle that we can start selling. I believe that is probably more likely.
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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