Daily Forex Update: AUD/USD

The intraday AUD/USD has been trending lower as prices in both Gold and general commodities traded higher today. As a commodity currency, the AUD/USD moves within a relationship to precious metals and the overall commodities markets. This forex pair reflects the opinion of the Australian Dollar versus the U.S. Dollar, and lower prices (as seen on the 15-minute chart) indicate that the Australian Dollar is now losing ground in relation to the U.S. Dollar. That makes today’s AUD/USD movement more a reflection of U.S. Dollar’s strength, which pushed price action on the AUD/USD lower than the move higher in commodities.