The Australian dollar initially tried to rally on Monday but turned right back around and sold off all of the gains.

It appears that we will probably try to reach down towards the bottom of the recent consolidation area, which would have the Aussie trading somewhere closer to the 0.75 handle.

I have no interest in going long at the moment, unless of course we break above the top of the shooting star from the session on Monday which would be a very bullish sign, and perhaps could send this market looking for the 0.77 handle.

Either way, these are going to be short-term trades.

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