The AUDUSD pair fell hard during the session on Monday, continuing the downtrend that we have seen for some time.

We tested the 0.86 level, which is just above the support so on that we are looking at all the way down to the 0.85 handle.

If we get below there, we feel that the market can continue to go much lower, perhaps to the 0.80 level.

We think that rallies at this point time are going to continue to be selling opportunities, as there is so much massive bearish pressure in this marketplace.

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