The Australian dollar initially fell during the course of the session on Monday, testing the 0.75 level.

However, this large, round, psychologically significant number offers a buying opportunity on a break above the top the hammer, and should send the market looking for the 0.77 handle again.

A break down below the 0.74 would be very negative, and at that point in time I feel that the sellers would jump back in.

However, I have to say that the bullish pressure certainly looks as if it is starting to take over the 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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