AUDUSD pair did nothing during the session on Monday that warranted any type of trading.

We quite frankly just went sideways and ended up forming and an extraordinarily neutral candle. With that being the case, we feel that the market should continue to go back and forth and struggled to show any real resiliency or determination.

We do recognize below at the 0.72 level there is a significant amount of support though, so a supportive candle in that general vicinity might be a nice buying opportunity.

Beyond that though, we are choosing to stay on the sidelines.

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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