$AU Australian Dollar “weekly” Chart Image
The Australian Dollar and its ETF (NYSEARCA: FXA) have traded sideways for much of the past 4 years (see blue shaded area on chart above).
And since the Aussie Dollar and precious metals are highly correlated, this hasn’t helped gold and silver.
But this setup may be changing soon as a big test comes into play for the AU$.
It is currently testing falling resistance on a bullish falling wedge pattern.
If it succeeds in breaking out at (1), it will send metals and commodities a short-term bullish message. Stay tuned!
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