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EURJPY TECHS

Pulls Back From Tuesday’s High

AUSSIE BONDS

Paring Initial Bid

USDJPY TECHS

Resumes Its Uptrend

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(N2) Trend Needle Points South

COPPER TECHS
  • RES 4: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $501.00 - High Mar 7 and the bull trigger
  • RES 2: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • RES 1: $452.64 - 20-day EMA
  • PRICE: $434.75 @ 13:56 BST May 5
  • SUP 1: $420.40 - Low May 2
  • SUP 2: $420.00 - Round number support
  • SUP 3: $411.05 - Low Dec 15
  • SUP 4: $405.45 - Low Sep 30 2021

Copper futures traded sharply lower Monday, and remain bearish despite recent gains. The move lower marked an extension of last week’s sell-off and of the downleg that started on Apr 18. The contract has breached $447.10, Mar 15 low and a key support. This exposed 428.80, Mar 31 low (breached Monday), and has opened the 420.00 handle. Key resistance is unchanged at $486.15, Apr 5 high. The 20-day EMA at 452.64, represents initial resistance.

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  • RES 4: $503.60 - 1.00 proj of the Feb 24 - Mar 7 - 15 price swing
  • RES 3: $501.00 - High Mar 7 and the bull trigger
  • RES 2: $486.15/88.28 - High Apr 5 / 76.4% of the Mar 7 - 15 downleg
  • RES 1: $452.64 - 20-day EMA
  • PRICE: $434.75 @ 13:56 BST May 5
  • SUP 1: $420.40 - Low May 2
  • SUP 2: $420.00 - Round number support
  • SUP 3: $411.05 - Low Dec 15
  • SUP 4: $405.45 - Low Sep 30 2021

Copper futures traded sharply lower Monday, and remain bearish despite recent gains. The move lower marked an extension of last week’s sell-off and of the downleg that started on Apr 18. The contract has breached $447.10, Mar 15 low and a key support. This exposed 428.80, Mar 31 low (breached Monday), and has opened the 420.00 handle. Key resistance is unchanged at $486.15, Apr 5 high. The 20-day EMA at 452.64, represents initial resistance.