The AUDUSD pair initially tried to rally during the course of the day on Monday, but found enough resistance above the 0.75 level to turn things back around and form a shooting star.

The shooting star of course signifies that the sellers are coming back into the market place, so therefore we don’t have any interest whatsoever in buying.

If we can break down below the recent low now, we would continue to sell the Australian dollar as it has been so soft for so long.

In fact, we anticipate that this market will probably head towards the 0.70 handle given enough time.

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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