The AUDUSD pair bounced at the open on Monday, but quite frankly with the massively negative candle that we had formed on Friday, we are still very bearish of this market.
On a break below the bottom of the range for the session on Monday, we would be sellers as the market should then reach down towards the 0.70 level.
Rallies at this point in time should continue to be selling opportunities and therefore we have no interest whatsoever in buying this pair.
At this point time, it looks as if the Australian dollar will continue to struggle.
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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