The AUD/USD pair surged during the Monday session as rumors flew around the marketplace of bailouts and promises of IMF money for Italy. Even after the IMF denied this rumor, there were other hopes of various fixes. The markets then ran up to just under parity, and it was at that point that the sellers came back into the market. The selling was fairly strong, and it appears that we are going to struggle to get above that parity level. The market seems to have retained its bearish tone at this point, and as such we are selling rallies in the AUD/USD.