Oil should head back under $60 according to AUDUSD

Correlation divergences are important to look at. In this instance, we view the AUDUSD rate as a clear proxy for oil prices, in which a big divergence has occurred recently. With the drop in gold and copper also mirroring AUDUSD, it seems quite likely that OIL will soon head south as well, going below $60 at the bare minimum. Oil has seemed to lag the rest of the commodities when it comes to price swings, so it's not surprising that it has yet to drop back down.