The AUD/USD pair rose during the course of the day on Monday, as we bounced a bit off of the 0.87 handle. However, the 0.88 level above should be resistive, so we look at this is a potential selling opportunity. In fact, we have no interest whatsoever in buying this market until we get above the 0.90 level, something that doesn’t look very likely at this moment. We believe that the market will head down to the 0.85 handle given enough time, and with that we are very bearish overall. On top of that, the gold markets certainly are doing no favors for the Australian dollar.
