The AUDUSD pair rallied during the Monday session, testing the 0.76 level.

If we can break above the top of the range for the day, the market will more than likely go looking for the 0.7750 level above which is the top of the overall consolidation.

As far as selling is concerned, I am a bit hesitant to do so as we have sliced through several major moving averages over the last couple of days.

With this, I remain bullish, especially if the gold markets get involved and start rallying as well.

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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