The AUD/USD pair did very little during the course of the day on Monday, as we continue to meander around the 0.88 level. This area is essentially the “Ground Zero” of the consolidation area that we have been stuck in for some time. We believe that there is a significant amount of resistance all the way to the 0.90 level, and as a result we are essentially waiting for some type of selling opportunity, but we do not have one at the moment. With that, we are on the sidelines as the Australian dollar looks very benign.
