DAX 40 rallies as AUD/USD slips and copper prices stay sidelined
The DAX 40 experiences a relief rally as US President Trump's threat to fire US Fed Chair Jerome Powell isn't fulfilled, while AUD/USD slips and copper prices remain sidelined.
DAX 40 recovers from support
The DAX 40 is experiencing a rally from its 16 July low at 23,969, with the 15 July high at 24,267 expected to be revisited.
If surpassed, the end of May peak at 24,326 may be revisited, along with the breached April-to-July uptrend line, now acting as a resistance line, at 24,473.
Another potential upside target, while this week's low at 23,969 provides support, is the June peak at 24,479.
Potential declines may find support around the late June high at 24,121. Further support is located at the 14 July low at 23,975.
DAX 40 daily chart
AUD/USD drops to three-week low
AUD/USD's rejection by its $0.6595 nine-month high has taken the pair below its 7 July low at $0.6487 to the 13 June low at $0.6457.
Below this level, potential support may be observed between the 22 to 29 April highs at $0.6450 to $0.6439 and the 29 and 30 May lows at $0.6408, ahead of the 200-day simple moving average (SMA) at $0.6395.
Minor resistance above the 55-day SMA and the 7 July low at $0.6485 to $0.6486 can be identified at the mid-May high of $0.6501.
AUD/USD daily chart
Copper price consolidates in low volatility
The price of copper is trading sideways in low volatility, below its US President Trump's tariff-induced 8 July spike high of $5.8930, with support between the 9 to 16 July lows at $5.4733 to $5.4263 holding for now.
If this support zone were to be breached, a gradual slide back towards the early April high at $5.1435 may unfold.
A rise above the 15 July high at $5.6125 may put the 9 July high at $5.7293 back in focus. Further up lies the July spike high of $5.8930, ahead of the psychological $6.0000 region.
Copper daily chart
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