The AUD/USD pair went back and forth during the session on Monday, essentially doing nothing. Because of this, we feel that the AUD/USD pair is essentially one that we aren’t interested in, but do recognize that if we can break down below the 0.77 handle, we should then head to the 0.76 level. A rally at this point time should be nice selling opportunity as the 0.80 level above continues to be a bit of a “ceiling” in this marketplace. With that, the market continues to look very soft as the US dollar is the favored currency in the Forex markets.
