The AUDUSD pair gapped lower at the open on Monday, but then turned back around to rally and form a bit of a shooting star as some of the gains were given back.

Ultimately, we feel that this market goes much lower and as a result have no interest whatsoever in buying it.

A break below the lows of the Monday session, we believe this market goes back down to the 0.76 level, and then possibly the 0.75 level. We also believe that the 0.80 level above is the “ceiling” of this 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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