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?
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