The AUDUSD pair initially fell during the session on Monday, but found enough support below in order to turn things back around and form a hammer.

The hammer of course suggests that the market is going to go higher, and we believe that ultimately this market breaks above the 0.95 handle, a source of massive resistance.

Because of this, we believe that the Australian dollar will continue to be favored, and that we are simply pulling back to build up enough momentum to break out yet again.

Selling is something that we are not interested in at this moment in time, as we are most certainly starting to look more and more like we are in an uptrend.

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.

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