The AUDUSD pair rallied slightly during the day on Monday, but we await the Reserve Bank of Australia and its interest-rate announcement first thing in the morning.

With this, it’s likely to see a lot of volatility in the short-term.

There are quite a few areas of resistance above, so this point in time I still believe that we probably grind lower, but do recognize that the move will be very short-term based, as we continue to try to find some type of overall direction for the longer term in the Australian dollar.

At this point, I’m not overly interested in trading.

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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