The AUD/USD pair gapped lower at the open on Monday, and then broke down. This makes a lot of sense, because quite frankly the Australian dollar is highly leveraged to risk appetite, and as a result it makes sense that we will continue to go lower. Short-term rallies offer selling opportunities as far as I can see, and therefore I have no interest whatsoever in buying this pair. I believe it’s only matter time before we break down a bit from here. At this point, it would not surprise me at all to reach the 0.72 level.