Trial now
AUSSIE 10-YEAR TECHS

(Z1) Off Lows, But Remains Weak

USDCAD TECHS

Still Vulnerable

AUDUSD TECHS

Bullish Price Sequence

(N1) 50-day EMA Remains Exposed

COPPER TECHS
  • RES 4: $505.03 - 1.382 proj of Jan - Feb - Apr price swing
  • RES 3: $492.35 - 1.236 proj of Jan - Feb - Apr price swing
  • RES 2: $488.80 - High May 10 and the bull trigger
  • RES 1: $470.70/78.20 - High Jun 6 / High May 18
  • PRICE: $448.40 @ 13:09 BST Jun 7
  • SUP 1: $442.01 - 50-day EMA
  • SUP 2: $437.00 - High Feb 25 and a recent breakout level
  • SUP 3: $425.25 - Low Apr 22
  • SUP 4: $415.90 - Low Apr 19

Copper traded lower last week resulting in a breach of recent support at $444.40, May 24 low. A near-term bearish risk remains present and attention is on the 50-day EMA at $442.01. The EMA represents a key area of support. If it fails to contain the pullback and a convincing breach follows, this would suggest scope for a stronger short-term sell-off, exposing $425.25, the Apr 22 low. Initial firm resistance is at $470.70, the Jun 1 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com