The AUD/USD pair went back and forth during the course of the session on Monday, and as a result it looks as if it is ready to simply go sideways. Ultimately though, if we can close below the 0.82 level, we feel that the Australian dollar then goes down to the 0.8080 given enough time. Ultimately, any rally this point time should be a selling opportunity, as the Australian dollar certainly has quite a bit of negativity to it and the gold markets certainly are not helping either. With that, we are bearish overall.
