The AUDUSD pair went back and forth during the course of the day on Monday, as we simply continue to test support at the 0.77 level.

With this being the case, the market should continue to go higher on a break above the top of the range during the course of the Monday should send buyers into a stronger move.

Pullbacks at this point time should continue to see support, and as a result this is essentially “buy only” type of situation, and with that being the case I still believe that we are heading to the 0.80 handle.

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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