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

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