The AUDUSD pair went back and forth during the course of the session on Monday, but eventually ended up forming a positive candle.

With that being the case, the market looks as if it is trying to go higher over the longer term, but it will be difficult to break down to a fresh new high as we have seen quite a bit of noise around the 0.7675 area.

At this point in time, I have no interest whatsoever in selling this market as there is so much in the way of support below.

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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