The AUD/USD pair initially tried to rally during the day on Monday, but turned back around to show a bit of a shooting star. With this, we believe that the Australian dollar will continue to bounce around in this general vicinity and therefore we feel that the market should reach down to the 0.70 level over the next several sessions. We are sellers on a break below the bottom of the range for the day, but quite frankly just right here as the strain dollar will continue to struggle overall as risk is simply been abandoned.
