The AUDUSD pair rose during the course of the session on Monday, but found enough resistance to push the market back about half of the range.

With that, we feel that the market could pull back from here, as we are getting close to the top of the range.

However, we believe that this market will find plenty of support below, especially near the 0.9250 level.

We will not sell this market, we will simply wait to find support as we believe that we are essentially “basing” at this moment.

Ultimately, this market should break higher.

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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