The AUDUSD pair bounced during the session on Monday, but quite frankly we feel that any bounce at this point in time is just simply going to be an invitation to start selling again.

The market should then go down to the 0.80 handle given enough time, and as a result we are very bearish.

The 0.85 level should be massively resistive as well, so really at this point in time we continue to fade rallies as they fail over and over again.

We believe that the 0.80 handle will be very important for the longer-term trend.

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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