IvanLabrie

Copper: offering clues for the Australian dollar traders

FX:COPPER   Copper
Watch this commodity, since it's very influential, showing a high positive correlation with the australian dollar             .
Right now I have a bullish weekly setup, aiming for the area depicted by the triangle, which happens to match two channels' resistance.
Rgmov is advancing with price, and currently showing a 0.382 retracement after the recent bearish swing.
Will this be a refresher before further upside?
Should be constructive to keep this as reference when trading Australian dollar             FX pairs.
Good luck,
Ivan.
Trade closed: target reached: Time at mode trend signal expired, target wasn't hit. This normally implies a reversal...
Comment: What a reversal...
Nice support was found here, is this a key reversal?
I'm looking at audjpy and nzdjpy, also eurnzd, this and gold are crucial charts to monitor.
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Once copper tops, we can confidently engage in weak AUD trades...like EURAUD:

snapshot
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Very strong uptrend here!
Clearly lending some strength to the Aussie dollar, despite the rate cut woes...
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Two weeks left in this uptrend.
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The last 2 bars are really bearish for the Aussie.
I believe it's due for a retracement now though, but this is negative for the Aud bulls for sure.
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