The AUDUSD pair broke higher during the course of the day on Monday, but only and a fairly lackluster manner.

We believe that this market will be fairly quiet over the next couple of days so quite frankly we are on the sidelines.

We believe that the 0.74 level above is massively resistive, but if we can finally get above there in the future, that could be a trend change.

In the meantime, we look at any resistive candle as a potential short-term selling opportunity. Gold (GLD, quote) markets are definitely not helping the Australian dollar right now, so it’s difficult to imagine a major breakout.

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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