The AUDUSD pair fell during the course of the day on Monday, testing the 0.86 level.

This market looks like it’s ready to go lower as we have turned back around in the vicinity of what looks like could be significant resistance.

That being the case, the market looks like it’s ready to pull back to the 0.85 handle, and we also believe that this market is probably going to go lower than that given enough time.

We do not like the Australian dollar, and we recognize of the US dollar is favored by everyone else. Because of this, we are sellers.

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.

Content curiosity of FOREXCycle