The AUDUSD pair fell during the course of the day on Monday, but not significantly so. It appears that the market is essentially comfortable in this general vicinity, at the 0.9250 region.

We believe that the market is probably one that still is a bit sideways at the moment, so we are not interested in trading the Australian dollar at the moment.

If we break above the top of the hammer from Friday though, we believe that the market will head to the 0.9350 region in the short-term.

The 0.92 level below is probably massive support.

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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