When the Australian Dollar “moves”, so do commodities. And this time the Australian Dollar “aussie” could be sending a bearish message to commodities.
Today’s chart looks at the Aussie Dollar on a “monthly” basis.
As you can see, the Aussie Dollar has fallen hard of late, nearly 10 percent after hitting 25-year resistance at (1). Note that this resistance is also fortified by down-trend channel resistance – also at (1).
The reversal lower has the Aussie Dollar reeling… and this could be bad for commodities like Gold and Oil. This weakness historically is NOT bullish for commodities/metals. Stay tuned!
This article was first written for See It Markets.com. To see the original post CLICK HERE.
