The AUDUSD pair did almost nothing during the session on Monday, testing the 0.88 level above for resistance.

The market looks very stagnant at this point in time, and the fact that we can’t really make any move in one direction or the other tells us that it’s probably best left alone as the Australian dollar continues to go sideways.

However, the Australian CPI numbers come out this session, and it is likely that it could move the AUDUSD pair given enough time. Regardless, we feel that it’s very difficult to trade this market.

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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