The AUDUSD pair fell during the day on Monday, finally making a decision after forming several indecisive candles in a row.

Because of this, we feel that the market is going to grind its way lower and reach towards the 0.7150 handle.

We could break below there though, and reach as far as the 0.70 level.

We are not calling for some type of major meltdown, rather more or less a return to the consolidation area that we have been in over the last several months. We have no interest in buying at this point in time.

Editor’s Note: Equity investors/traders can use the Currency Shares Australian Dollar Trust (FXA, quote) ETF to take positions in the Aussie dollar without a FOREX account.  The ETF looks to track the price of the Aussie dollar (AUDUSD), minus ETF fee. The fund seeks to reflect the price of the Aussie dollar (AUDUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle