The AUDUSD pair tried to rally during the day on Monday, and did manage to get above the 0.73 level, but could not hang onto the gains in the end.

It looks as if there is a significant amount of resistance above, and as a result it’s likely that we will see selling pressure sooner or later.

If we break down below the bottom of the range for the day, we could continue to grind much lower.

On the other hand, if we break above the 0.74 level, we would be buyers.

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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