The AUDUSD pair initially tried to rally during the day on Monday, but turned back around to show a bit of a shooting star.

With this, we believe that the Australian dollar will continue to bounce around in this general vicinity and therefore we feel that the market should reach down to the 0.70 level over the next several sessions.

We are sellers on a break below the bottom of the range for the day, but quite frankly just right here as the strain dollar will continue to struggle overall as risk is simply been abandoned.

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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