The AUDUSD pair initially fell during the course of the session on Monday, but then turned around to form a very positive candle.

Ultimately, this is a market that has a lot of noise above though, so I think probably the best way to handle this is to buy this market on short-term pullbacks are very short-term trades.

If we break down below the bottom of the range during the course of the session on Monday, we could then drop down towards the 0.75 level which I feel is essentially the “floor” in 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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