The AUD/USD pair fell during the course of the day on Monday, dropping below the 0.78 level at one point during the day. It now appears that we could drop from here and head back towards the bottom of the consolidation area at the 0.77 level, but we recognize that there’s probably a lot of noise between here and there. Because of this, we are not sellers but recognize that it’s not necessarily going to be the easiest trade to take. We believe that the “ceiling” in this market starts at the 0.80 handle, and possibly extends as high as 0.83 above.
