The AUD/USD pair fell during the session on Monday, but remains above the 0.90 handle.

We do see a significant amount of support all the way down to the 0.9 handle, so any type of supportive candle between here and there would have us buying this market as the Australian dollar should continue to pick up momentum at that point. We did in fact breakout, but we have to admit that the breakout is of the most convincing thing.

Quite frankly, we feel much more comfortable owning the New Zealand dollar on a break out than the Australian dollar.

Content curiosity of FOREXCycle

Editor’s Note: Equity investors/traders can use the Currency Shares Australian Dollar Trust (FXA, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the euro, minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.