The AUDUSD pair continued to break higher during the course of the day on Monday, testing the 0.75 level.

If we can break above there, we should continue to go much higher, but quite frankly we are a bit overextended at this point so we will have to wait to see whether or not a pullback occurs that we can take advantage of as it would offer value in what is obviously a massive break out to the upside.

We have no plans to sell at this point in time, and believe that the trend has turned around.

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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