The AUDUSD pair initially tried to rally during the day on Monday, but turned back around to form a bit of a shooting star.

I think that if we can break above the 0.75 level, that would be a significant enough move to the upside to push this market higher.

I believe that this market breaking down from here could be sold, but there is a lot of noise just below that should continue to make this market very choppy if we do fall.

So having said that, I am essentially “buy only” but only under the right circumstances.

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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