The AUD/USD pair broke higher during the course of the day on Monday, but remains below the 0.78 level that looks to be rather resistive. If we can break above there, we should then head to the 0.80 level, which is the upper boundary of the larger consolidation area. However, we believe that the market could very well pullback from here but with the market been so volatile, and the gold markets looking much the same, we are simply going to sit on the sidelines when it comes to the Australian dollar in the short-term. However, we will be watching.
