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Metals and Oil Dragging Commodity Currencies Higher

By Joe PerryCommoditiesDec 27, 2019 09:44
ca.investing.com/analysis/metals-and-oil-dragging-commodity-currencies-higher-200432444
Metals and Oil Dragging Commodity Currencies Higher
By Joe Perry   |  Dec 27, 2019 09:44
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Gold, silver, and oil all moved higher yesterday and as a result brought many of the commodity currencies with them.

The Australian dollar and the New Zealand dollar were putting in highs versus the U.S. dollar not seen since late July as both gold and silver were breaking above key levels trendlines and catapulting higher. Take a look at the price action below to see how the commodities and currencies were moving together.

Gold:

Tradingview, COMEX, FOREX.com

Silver:

Tradingview, COMEX, FOREX.com
Tradingview, COMEX, FOREX.com

AUD/USD

Tradingview, FOREX.com
Tradingview, FOREX.com

USD/NZD

Tradingview, FOREX.com
Tradingview, FOREX.com

Similarly, with West Texas Intermediate Crude Intermediate Futures moving higher, it is also carrying the Canadian dollar and the Norwegian krone higher (USD/CAD and USD/NOK lower). Both Canada and Norway are oil-export-led economies. As a result, the movement of crude oil effects the currencies of both those countries.

Crude Oil:

Tradingview, NYMEX, FOREX.com
Tradingview, NYMEX, FOREX.com

USD/CAD:

Tradingview, FOREX.com
Tradingview, FOREX.com

USD/NOK:

Tradingview, FOREX.com
Tradingview, FOREX.com

As they say, a picture is worth a thousand words. When looking to trade commodity currencies, always make sure to check the underlying commodity to see if it could be ready for a big move. If so (and all else is equal), associated currencies may move with it.

Metals and Oil Dragging Commodity Currencies Higher
 

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Metals and Oil Dragging Commodity Currencies Higher

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