The AUDUSD pair fell during the day on Monday, as we continue to show signs of weakness in the Australian dollar.

This is mainly because the Australian dollar is a bit of a proxy for Chinese markets (FXI, quote) in general, and they of course have been struggling.

Any rally at this point in time should find plenty of sellers above, and exhaustive candles will be used to sell this market when that happens.

We preferred the US dollar over other currencies in general right now anyway, and the Australian dollar of course is no different.

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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