The AUDUSD pair broke higher during the course of the day on Monday, clearing the 0.77 level.

By doing so, the market looks as if it is trying to bounce from the 0.76 handle. We don’t have an interest in buying this market yet though, as although the candle has been rather impulsive, we need to see a little bit of follow-through before we consider buying.

At this point in time, it’s probably best to leave this pair alone as it appears to be very volatile all of the sudden.

We believe that the 0.80 level will continue to be a bit of a ceiling on this pair.

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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