The AUD/USD pair initially fell during the session on Monday, but found enough support at the 0.9050 level to turn things back around and send the market higher.

Ultimately, this formed a hammer that should send this market higher over time.

However, we need to break the top of the range for the session on Monday to start buying, but at that point in time we feel the market grind its way up to the 0.95 handle given enough time.

As far selling is concerned, we do not have the proper set up right now.

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 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.

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