The AUDUSD pair tried to rally during the course of the day on Monday, but gave back about half of the gains in order to form a bit of an exhausted looking candle.

That being the case, it’s not until we break out above that Jaime during the Monday session that I’m comfortable buying this pair.

On the other hand, we very well could find yourselves still been attracted to the 0.74 level which of course has been a bit of a magnet for price recently as we have been consolidating lately.

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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