The AUD/USD pair went back and forth during the course of the session on Monday, essentially doing nothing. This of course has a lot to do with the Rate Statement coming out of Australia today, which the market seems to be waiting upon. Nonetheless though, the New Zealand dollar looks fairly stagnant during the session as well, so at this point in time perhaps we are simply doing nothing. Nonetheless, we recognize that a move above the 0.7175 level would send this market much higher. That could come after the statement, but at this point in time that’s just conjecture.
