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USDCAD TECHS

Approaching Major Support

US TSYS SUMMARY

Inflation Concerns Underpin Bear Steepening

AUDUSD TECHS

Bullish Theme

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  • RES 4: $454.00 - Weekly High Aug 5, 2011 (cont)
  • RES 3: $439.10 - 0.618 proj of Jan 28 - Feb 25 - Mar 4 price swing
  • RES 2: $437.55 - High Feb 25 and the bull trigger
  • RES 1: $425.55 - High Feb 26
  • PRICE: $423.30 @ 12:15 BST Apr 16
  • SUP 1: $398.80 - Low Apr 12
  • SUP 2: $394.20 - Low Mar 25
  • SUP 3: $384.90 - Low Mar 4 and key support
  • SUP 4: $372.55 - Low Feb 12

Copper futures maintain a firmer tone following this week's recovery from Monday's low of $398.80, Mar 15 high. Price has traded through $419.00, Mar 15 high. The break confirms a move out of recent range and strengthens a bullish case. Further gains would suggest scope for a test of the key resistance at $437.55. Clearance of this hurdle would confirm a resumption of the broader uptrend. Key support has been defined at $398.80, Apr 12 low.