The AUDUSD pair had a fairly volatile session on Monday, but ultimately settled on a relatively negative candle.

Because of this, it looks like the markets probably going to have to pullback in order to find enough buyers to increase momentum.

The 0.75 level below starts the massive support level that extends all the way down to the 0.74 level, and of course that is a major area where we would look to find supportive candles to start buying.

Pay attention to the gold (GLD, quote)  markets, if they go higher that should drive the Aussie dollar higher as well.

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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