The AUDUSD pair did nothing during the session on Monday, as we found support at the 0.78 handle.

With that being the case, the market looks like it could bounce a little bit from here, heading towards the 0.80 level.

But we also believe that the oil market been very quiet will of course keep this market very quiet as well. With this, we need to see some type of impulsive candle in order to start getting involved in this market yet again.

We believe that exercising caution and standing on the sidelines will be the best way to approach this market today.

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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