Commodity FX is beginning to roll over

16 June 2016, 16:14
Sherif Hasan

This market is disappointing more than England

The Australian and Canadian dollars are down more than 1% and now the New Zealand dollar has broken below 0.70.

A full-on flight to safety is beginning to emerge.

Technically AUD/USD looks to be in a tough spot as it sinks below the recent lows with little support until 0.7200.

If a less-dovish RBA and a good jobs report can't help the Australian dollar, then it could be a long fall from here. At the moment, however, all correlations are going to 1 and it's a risk-on/risk-off trade

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