Copper Headed Higher
Feb 09 2021
In our free video analysis last week (CLICK HERE) I talked about dollar moving into potential resistance ahead of NFP. Well, since the numbers came out the USD is again moving south as risk-on extends even highs. In that environment I think it’s worth to keep an eye on commodity currencies, such as AUD, especially now when metals also trying to stabilize after last week sell-off. Another important market to track is copper, which is higher as well while USDCNH trades around the low; these is all supportive for the AUDUSD pair.
On the chart below we can see that aussie is making a nice bounce away from the 2020 trendline support so as long as this trendline holds I think that bulls remain in focus, possibly even for 0.8 level, so there can be opportunities on pullbacks.
If we look at copper, we can see that sharp turn from the support in the last few sessions suggests that market might completed a fourth wave pullback meaning more upside can be seen now for wave 5. If that’s the case then AUDUSD will remain in uptrend.
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