The AUDUSD pair rose during the day on Monday, but struggled to make any real gains.

Ultimately, this is probably because there is an interest-rate announcement and more importantly a monetary policy statement coming out of Australia later.

With that, the market will parse what the Reserve Bank of Australia suggests and trade accordingly. At this moment in time though, we feel that rallies that show signs of exhaustion are selling opportunities that we want to take advantage of.

We have no interest in buying, at least not at this moment in time.

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.

Content curiosity of FOREXCycle