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S&P 500 analysis, Copper and EUR/USD outlook - Technical Tuesday
Welcome to Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this edition of Technical Tuesday, we will analyse the S&P 500, copper and EUR/USD.
Copper, USD/CNH and AUD/USD outlook boost by China stimulus – Technical Tuesday
Ahead of key central bank decisions, markets associated with China doing relatively well following news that top leaders in China indicated more support for the real estate sector. We have seen a big move in copper and other metal prices, with crude oil, yuan and Aussie all also pushing higher. So, in this edition of Technical Tuesday we will provide analysis on the AUD/USD outlook, as well as the USD/CNH and copper.
Copper strength signaling stronger Yuan
The correlation coefficient between Copper and USD/CNH is -0.83. As long as this correlation is below -0.80, USD/CNH could be used as a proxy for copper.
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Copper turns red as China concerns mount
The situation is escalating, and people don’t want to be caught offside with the weekend fast approaching.
Copper and USD/CHF have a high negative correlation!
As long as the correlation holds, traders who don’t have access to trade copper can use USD/CHF as a proxy.
Recession Trade Keeps Risk Assets Under Pressure
Fears over a recession continues to drive financial markets, with commodities feeling the heat
What’s driving the global markets right now?
Everything you need to know about the current economic and monetary policy environment, and what it all means for financial markets
Fears of global slowdown continue to weigh on Copper and AUD/USD
With more manufacturing due out later in the week, traders need to watch Dr Copper to help gauge the health of the economy. If copper continues its move lower, watch for AUD/USD to move lower with it!
Technical Tuesday: DJIA, USD/CHF and Copper
Technical analysis on some of the most interesting markets right now
China’s service PMI gets served, base metals lower
Covid reared its ugly head again on economic data, which saw China’s service PMI contract at its fastest pace since the pandemic.
Gold breaks $2000 - Meanwhile Copper makes its move
It’s been a violent start to the week as the Russian/Ukraine conflict intensifies and news that the Biden administration and its allies are discussing an embargo of Russian oil. This article discusses what the spillover from the weekend’s events means for gold and copper.
Weekly COT report: Managed funds most bullish on gold in 3-months
Bullish exposure continues to fall for the US dollar despite the Fed on the cusp of beginning their rate-hike cycle.
A tale of two metals, Gold and Copper Part II
In 2021 the key driver of gold was movements in real yields and the U.S. dollar. However, in late November, evidence emerged that this was no longer the case.
Asian Open: Fed Officials Disagree Over Inflation, Gold Looks Weak Below 1800
Whilst the Fed agree inflation is to be transitory, there’s some disagreement as to how long that may be. The dollar’s downside is waning and gold is struggling to retest 1800.
Asian Open: The Fed Guides Equities Higher, Copper Probes Resistance
We’re amidst another busy week for the Fed with 16 public appearances scheduled overall, with Powell, Mester and Daly hitting the wires overnight.
Asian Open: The Dollar Retreats, Equities Pare Earlier Losses
It was a pivotal day for markets as the dollar reversed course, allowing stocks, commodities and bond yields to rise.
Asian Open: Equities On The Ropes Following Bullard’s Comments
During an interview with CNBC, the Fed’s James Bullard spooked equity traders who had until then taken the hawkish FOMC meeting within their stride.
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Asian Open: Dollar Dominance Continues as Bearish Bets Scramble for the Exit
It was another volatile session with most markets far exceeding their average daily ranges. Yet it’s the dollar’s sharp reversal that that is turning the most heads.
Asian Open: Inflation Remains a ‘Hot’ Topic as Wall Street Deflates on FOMC-Eve
A combination of stronger inflation and weaker consumer data in the US was enough to take Wall Street off its record highs, on the eve of the highly anticipated FOMC meeting.
Asian Open: Biotech Leads the Way in an Otherwise Quiet Session
US regulators approved Alzheimer drug Aduhelm, sending Biogen’s stock soaring around 60% and leading to a mid-session trading halt.
[Video] Cracks Appear in Copper’s Rally, Disney Falters at Resistance
Today we look at trader positioning on copper and question if its current rally is sustainable, and highlight a key level for today’s session.
Asian Open: EUR/USD Hits 4-month High, NZD Stronger Ahead of RBNZ
A strong IFO business report from Germany saw the euro move broadly higher in the European session and hold onto gains, whilst NZD traders retained their bullish stance ahead of today’s RBNZ meeting.
Asian Open: A Good Start to The Week on Wall Street, EUR/JPY Set To Rally?
Lower treasury yields helped buoy Wall Street overnight, with the Nasdaq 100 leading the rally with a 1.5% gain.