The AUDUSD pair fell during the session on Monday, but we remain within the consolidation area that we have been stuck in.

With that being said, we believe that ultimately this market will break down and then head to the 0.80 handle.

With that, rallies are selling opportunities off of short-term charts, as we believe it’s only a matter time before the sellers step and then as well.

With that, we are bearish of the Australian dollar and certainly wouldn’t go against the US dollar as it is by far the most favored currency in the Forex market.

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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