Gold Bulls Don’t Want To See Australian Dollar (AUDUSD) Break-Down

Chris Kimble

When the Australian Dollar (AUDUSD) heads higher, it is good for gold bulls, precious metals investors, and commodities in general.

Unfortunately, the Australian Dollar – or Aussie Dollar – has been heading lower.

In today’s chart, we highlight this decline and point out a key support level.

As you can see, the Aussie Dollar decline has brought the currency down to a major confluence of support.

This support is made up of the lower band of long-term channel support (1) and intermediate term trend line support (2).

The Australian Dollar is attempting to break down below this level. If this occurs, it would send a negative message to gold and silver metals bulls (and the commodities sector). Stay tuned!

Aussie Dollar Currency Chart – Breakdown Coming?

aussie dollar currency forex trading correlation to gold silver chart year 2019

Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to for details to get set up.

Twitter:  @KimbleCharting

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.