The AUDUSD pair rose during the course of the session on Monday, but didn’t really cause too much in the way of a splash with the tight trading range.

That being the case, we are still bullish of the Australian dollar, but recognize that there is a massive amount of resistance at the 0.9450 handle, that extends all the way to the 0.95 level.

Once we get above the 0.95 level, this market should continue to go much higher at that point in time, probably aiming for parity.

Pullbacks at this point in time will continue to be buying opportunities.

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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