The AUDUSD pair went back and forth on Monday, as we continue to struggle with the 0.73 level.

Any rally at this point in time should have to deal with quite a bit of resistance, going all the way to the 0.74 level, and then the 200 day exponential moving average which is pictured on this chart.

Any rally is going to be a selling opportunity given enough time in our experience, and a fairly exhaustive candle would be reason enough to start shorting.

On the other hand, we could break down below the bottom of the hammer from a couple of sessions ago, which would be very negative 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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