The AUDUSD pair fell during the day on Monday, reaching towards the bottom of the ascending triangle that we have been trading in.

With this, we believe that it is only a matter of time before the buyers get involved, so we are very hesitant to start selling.

However, if we broke down below the 0.71 level, at that point in time we would be more than comfortable selling.

Gold (GLD, quote) markets are certainly not helping the Australian dollar, and as a result we anticipate that breaking down is a very real possibility.

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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