The AUDUSD pair tried to rally during the day on Monday, but found enough resistance to turn things back around and form a shooting star.

The shooting star keeps us in the consolidation area we have been in for some time, and as a result we feel that a pullback is probably coming.

On top of that, the Reserve Bank of Australia will have an interest rate announcement today.

Watch the wording carefully, as it will more than likely move the market to its next destination.

At this point though, one has to think that the market will essentially flutter around this area.

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