The AUD/USD pair fell during the session on Monday after initially gapping higher, testing the 0.88 level. That area of course is resistance as we have seen several times before, so it does not surprise us at all to see that the Australian dollar fell. We believe that this market should continue to go lower, probably testing the 0.85 level at this point in time. We have no interest in buying, because we simply see far too much in the way of resistance above and believe that the sellers will continue to step out into the marketplace again and again.
