The AUDUSD pair initially tried to fall during the course of the session on Monday, gapping lower in order to collect more buyers underneath and eventually pushed the market above the 0.77 level in order to show extreme bullishness.

With this, it appears that the Australian dollar will continue to go higher, and perhaps even find buyers below in order to continue to climb.

We have a target of 0.80 above, and will continue to find buyers between here and there but we do recognize that there is a lot of noise above that could cause quite a bit of choppiness.

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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