The AUDUSD pair broke higher during the day on Monday, clearing the top of the hammer that informed on the previous candle.

Because of this, it looks as if the buyers are starting to come back into play, which should send this market much higher.

The 0.74 level above is a target, and as a result we believe that it’s only a matter of time before the market gets there.

On the other hand, if we can break above there we feel the market will grind its way towards the 0.75 level next.

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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