AUD/USD Might Drop as Gold Price is Lower

AUD/USD Might Drop as Gold Price is Lower

AUD/USD Technical Analysis

  • AUD/USD is looking bearish
  • M L3 camarilla needs to break
  • The price is close to essential support level
  • The price is mostly rangy


  • The descending trend line
  • A Lower low
  • The Pullback/retracement
  • Entry zone

The AUD/USD is exactly at the zone. The market is ranging but we should be seeing a probable move lower. The price of Gold is going down and it is actually bearish for Australia. Australia is one of the biggest exporters of gold to China. Tensions between China and Australia are rising and that also can be the reason for a move down. 0.7250-70 is the zone for shorts. Targets are 0.7200, 0.7140 and 0.6985. This is the full swing projection, so watch for levels as the market might bounce off. The real bearish momentum starts at the break of 0.7228 which is the M L3 camarilla pivot.