The AUDUSD pair went back and forth during the course of the session on Monday, showing that there is quite a bit of confusion in this market.

With that being the case, we think that there is still a significant amount of support near the 0.70 level below.

It’s hard to imagine the market breaking down below there significantly, and at this point in time it’s very likely that we will continue to see quite a bit of volatility.

The Australian dollar has quite a bit of resistance just above as well, so quite frankly this is going to be a very difficult market to be involved in.

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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