The AUDUSD pair fell during the course of the session on Monday, testing the 0.77 level.

This is an area that has been supportive in the past, so it’s not a big surprise if we were to bounce from here.

However, we have been consolidating in a larger area, and quite frankly this is a relatively choppy market.

We could very well head to the 0.76 level below, but we believe that the support there is simply far too strong to break down below. All things being equal, we are leaving the Australian dollar alone at the moment.

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