AUDNZD Following Gold Price? Weekly Resistance Tested

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AUDNZD Following Gold Price? Weekly Resistance Tested

The weekly chart of the AUD/NZD shows a rejection of the 100-period moving average. However, the weekly candle is a strong bullish candle. The early rejection may not be a strong enough signal to against the trend.

The lower timeframes may, especially the 4H and lower, show potential head and shoulders patterns which may lead to temporary downward movements.

The Gold and the AUD are historically correlated with Australia being a Gold producer. The pressure on the Gold price which we also covered, may lead to pressure on the Aussie as well.

The Daily chart (right) shows that the price is currently trading into a previous top, which may act as support. A break lower could lead to more bearish pressure though.

 

 

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