The AUDUSD pair fell slightly during the session on Monday, but as you can see really didn’t go anywhere.

It appears that the 0.82 level will continue to be resistance, but ultimately we feel that this market is in consolidation and therefore probably difficult to trade because of the choppy nature of it at the moment.

We believe that the 0.80 level is massively supportive, and that ultimately the market will bounce around between 0.82 and 0.80 in the near term, eventually making a decision.

With that, we are on the sidelines but watching the Australian dollar.

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.

Content curiosity of FOREXCycle