Nikkei 225 drifts lower while EUR/GBP, copper prices stay sidelined
Nikkei 225 drifts lower while EUR/GBP, copper prices stay sidelined as US dollar on track to slip second week in a row.
Nikkei 225 drifts lower
The Nikkei 225 not only closed this week's price gap with Monday's 37,840 high, having come off its Tuesday six-week high at 38,790, but also slid below the 200-day simple moving average (SMA) at 37,945. This is currently acting as minor resistance ahead of the breached accelerated uptrend line at 38,480 and Tuesday's 38,790 peak.
While the 200-day SMA caps on a daily chart closing basis, the 7 May high at 37,350 is expected to be revisited. Further potential support sits at the 37,100 24 March low.
Were these levels to give way, the 8 May low and April high at 36,590-to-36,510 and 55-day SMA at 36,220 would be in sight.
A currently unexpected rise above the 38,790 peak would engage the mid-February high at 39,600.
Nikkei 225 chart
EUR/GBP hovers above minor support
EUR/GBP has been hovering above its £0.8403 current May low since the beginning of the week and in doing so remains above the 200-day SMA at £0.8383.
A fall through the moving average would likely engage the late March and early April lows at £0.8324-to-£0.8316.
Immediate resistance can be spotted at Thursday's £0.8441 high and along the 55-day SMA at £0.8454.
EUR/GBP chart
Copper remains sidelined
Copper prices have been stable over the past couple of weeks, hovering above their late April-to-May lows at 4.5248-to-4.4778 and the 200-day SMA at 4.4718 but remaining below the 55-day SMA and 6 May high at 4.7830-to-4.8073.
Further sideways trading in an even tighter range has been witnessed over the past week between the 9 May high at 4.7388 and Thursday's 4.5713 low.
A fall through this low would likely lead to the 4.5248-to-4.4718 zone being eyed whereas a rise above 4.7388 would target the 4.7830-to-4.8073 region.
It is likely that, for today at least, the copper price will remain within this week's boundaries in further low volatile sideways trading.
Copper chart
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