The AUDUSD pair fell slightly during the day on Monday, but essentially did nothing.

Keep in mind that we have an interest rate decision coming out of the Reserve Bank of Australia today, and that of course will have quite a bit of volatility in this market.

It’s not that we are anticipating any type of change, but there will of course be a monetary policy statement that accompanies the announcement, and that could cause quite a bit of volatility going forward. We still believe that the 0.75 level is the beginning of a massive “floor” of support in this market.

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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