DAX 40 trades in record highs, copper below its spike high while AUD/USD advances
DAX 40 trades in record highs, copper below its spike high while AUD/USD advances despite US tariff turmoil.
DAX 40 trades in all-time highs
The Germany 40's rally off its mid-June low at 23052 has taken it to Wednesday's 24609 record high whilst gunning for the psychological 25000 mark.
Potential slips may find support around the 24479 early June high, the 24326 late May high and the 24121 late June peak.
While the next lower June low at 23052 holds on a daily chart closing basis, the medium-term uptrend remains intact.
Germany 40 daily chart
AUD/USD is heading back up again
AUD/USD's recovery off Monday's $0.6486 low is ongoing with the mid-June high at $0.6552 being tested.
If overcome, the early July high at $0.6590 followed by the September 2024 trough at $0.6622 and the November 2024 peak at $0.6688 would probably be back in sight.
Were a rise above $0.6688 to unfold, the 16 October 2024 low at $0.6703 would be next in line.
Minor support is seen between the late May to early June highs at $0.6538 to $0.6537. Further down sits the early May high at $0.6515.
AUD/USD daily chart
Copper price remains close to spike high
The price of copper remains close to US President Trump's tariff induced $5.8930 spike high with potential support coming in around Wednesday's $5.4263 low and the late March high at $5.3730.
Were these levels to give way, a gradual slide back towards the early April high at $5.1435 may ensue.
A rise above Wednesday's $5.7293 would likely engage this week's $5.8930 spike high ahead of the psychological $6.0000 mark.
Copper daily chart
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