The AUDUSD pair as you can see broke higher during the session on Monday, but turned back around to form a shooting star.

With that being the case, it looks as if the Australian dollar is going to continue to struggle overall, and therefore we have no interest in buying.

We recognize that there is a little bit of support below though, so if we are to start selling, which is something that we probably will do, we have to be patient and hang on through all of the volatility.

Buying isn’t even a thought.

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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