The AUDUSD pair rose during the course of the day on Monday, continuing the bounce that we have seen off of the 0.76 handle.

Remarkably, this market was fairly calm while so many others sold off rather drastically due to the Greek debt issue.

With the Australian dollar considered to be a “riskier currency” than many others, that is a bit of a surprise.

However, we think that the rally will only go to about the 0.78 handle, so therefore we are not overly impressed at this point in time, and don’t feel the need to start buying.

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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