The AUD/USD pair initially tried to rally during the course of the day on Monday, but turned back around somewhere near the 0.7350 handle. By doing so, we ended up forming a shooting star and it does look as if the Australian dollar is going to continue going lower. We have no interest whatsoever in trying to buy this pair, as we recognize that the next target is probably closer to the 0.70 level. At this point in time, we believe that the 0.75 level is going to be resistance and perhaps the “ceiling” in this market.
