The AUDUSD pair chopped around during the day on Monday, as we continue to see quite a bit of volatility.

The market should then try to reach towards the 0.7750 level above, so I feel that it’s only a matter of time before the markets will break out.

If we can get above there, it will more than likely coincide with the gold markets doing the same, as we are starting to see significant strength.

Pullbacks should continue to be buying opportunities as there seems to be a significant amount of support underneath.

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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