The AUDUSD pair rallied on Monday, testing the 0.75 level above as resistance.

This is a market that looks likely to test this area, and if we can break above there and close above and on a daily chart, I feel that the market will reach towards the previous uptrend line.

On the other hand, we could pullback from here and reach towards the 0.7450 level underneath. A break down below there would send the market down to the 0.73 level at that.

An exhaustive candle is really what I would prefer to see, but I will have to wait and see what the market tells us.

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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