The AUDUSD pair initially tried to rally during the course of the day on Monday, but turned back around somewhere near the 0.7350 handle.

By doing so, we ended up forming a shooting star and it does look as if the Australian dollar is going to continue going lower.

We have no interest whatsoever in trying to buy this pair, as we recognize that the next target is probably closer to the 0.70 level.

At this point in time, we believe that the 0.75 level is going to be resistance and perhaps the “ceiling” in this market.

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