The Australian Dollar has been in a prolonged slump since 2011, when it topped along side precious metals Gold and Silver.
We mention that because the Aussie Dollar (AU$) has been known to trade with in sync with precious metals (acting as a solid market “tell” for investors).
In today’s chart, you can see that the Aussie Dollar is testing a confluence of support that looks to be quite important.
This support area is made up of a rising trend line, lateral price lows, and a falling bullish wedge pattern.
Aussie Dollar bulls, along with precious metals bulls (and commodities in general) hope that the AU$ finds support here and begins to rally.
What it does next could highly impact Gold, Silver and Commodities. Stay tuned!
Australian Dollar “Weekly” Chart
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