The AUDUSD pair initially tried to pull back during the course of the session on Monday but then ended up rallying.

This is a market that continues to consolidate between the 0.75 level, and the 0.77 level, and that means of course that we should continue to see choppiness.

However, it appears that there is a fairly strong amount of support just below, and of course we have had an impulsive rally recently as well.

With this, we still believe that the market will eventually try to reach the 0.80 level above.

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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