COPPER TECHS: (Z5) Flag Formation
- RES 4: $602.25 - High Jul 24 and a key resistance
- RES 3: $588.70 - High Jul 30
- RES 2: $550.00 - Low Jul 9 & 28
- RES 1: $494.35 - 50-day EMA
- PRICE: $451.70 @ 14:27 BST Aug 22
- SUP 1: $440.55 - Low Jul 31
- SUP 2: $418.85 - Low Apr 7 and the bear trigger
- SUP 3: $400.00 - Round number support
- SUP 4: $392.10 - Low Aug 7 2024 (cont)
Copper futures are in consolidation mode. The sharp reversal down from the Jul 30 high cancels a recent bullish theme and instead highlights a bearish threat. A continuation lower would signal scope for a test of key support at $418.85, the Apr 7 low. Clearance of this level would strengthen a bearish threat. Note that the most recent sideways move appears to be a flag - a bearish continuation pattern. Initial resistance is $494.35, the 50-day EMA.
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AUDUSD TECHS: Fresh Cycle High
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6621 0.764 proj of the Jun 23 - Jul 1- 17 price swing
- RES 1: 0.6601 Intraday high
- PRICE: 0.6587 @ 14:33 BST Jul 23
- SUP 1: 0.6494/6455 50-day EMA / Low Jul 17
- SUP 2: 0.6435 23.6% retracement of the Sep 9 - Jul 11 bull leg
- SUP 3: 0.6373 Low Jun 23 and a bear trigger
- SUP 4: 0.6357 Low May 12
The trend set-up in AUDUSD remains bullish and this week’s gains reinforce current conditions. Today’s appreciation has resulted in a print above key short-term resistance at 0.6595, the Jul 11 high and bull trigger. This resumes the uptrend and sights are on 0.6688, the Nov 7’ 24 high. Support to watch is around the 50-day EMA, at 0.6494. A clear break of this EMA would highlight a stronger reversal.
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