The AUD/USD pair broke higher during the course of the session on Monday, as we continue to see a bit of support. However, the market is most certainly in a downtrend overall, and as a result we have no interest in buying. We think that the Reserve Bank of Australia could shock the markets a bit right now, and as a result we are waiting to see if we get a resistive candle to start selling as we can pick up value in the US dollar. We believe that the resistance extends all the way to the 0.7250 level.
