The AUDUSD pair initially fell on Monday but then found buyers to push the market higher.
The gold (GLD, quote) markets fell during the day, and then reached towards the 0.7750 level. There is an exhaustive amount of resistance between here and there that should continue to weigh upon the Aussie.
Pullbacks at this point should continue to offer buying opportunities as there is plenty of bullish pressure underneath. With this being the case, I have no interest whatsoever in selling this market and will buy once we get above the 0.7750 level above.
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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