DAX 40, AUD/USD and copper price recover

Macro update

Asian equities climb as optimism builds around a temporary US-Iran deal: Markets across Asia gained overnight following reports that Washington and Tehran could extend their ceasefire for another 60 days and begin nuclear negotiations, though uncertainty persists after President Donald Trump reportedly stopped short of endorsing the proposed agreement.

Oil prices retreat as supply disruption fears ease: Crude moved lower after reports suggested the US and Iran are discussing unrestricted shipping access through the Strait of Hormuz, helping to calm immediate concerns over global energy supplies.

Gold holds steady following previous session rebound: Gold traded close to $4,500 an ounce on Friday after recovering earlier losses, with easing inflation and interest rate concerns helping to support broader commodity market sentiment.

Japanese consumer sentiment improves to a three-month high: The latest consumer confidence figures from Japan pointed to strengthening household sentiment, offering further evidence of resilience in domestic demand despite ongoing global uncertainty.

Japan core inflation falls to a four-year low but German import prices rise most in three years: Recent inflation data showed underlying price growth continuing to soften in Japan, reinforcing expectations that the Bank of Japan could maintain its monetary policy for an extended period. In Germany import prices rose the most in three years, though.

Markets continue to assess the global interest rate outlook: Investors remain focused on geopolitical developments, inflation readings and upcoming economic data as they look for further signals on the future direction of central bank policy.

DAX 40 bounces off support

The DAX 40 has been consolidating this week, following last week's strong advance. A rise above Thursday's 25,245 high may push this week's high at 25,438 to the fore. If exceeded, the February peak at 25,507 would be back in sight.

Only a fall through this week's low at 24,973 would be short-term bearish and probably lead to the closure of the 22 May price gap high point at 24,944.

Short-term outlook: bullish while trading above the 28 May low at 24,973

Medium-term outlook: bullish while above the 30 April low at 23,716

DAX 40  daily candlestick chart

AUD/USD consolidates

AUD/USD's bounce off its 55-day simple moving average (SMA) at $0.7100 has so far taken it back towards this week's high at $0.7182 which remains in sight.

If overcome, the March high at $0.7187 would be next in line, probably followed by a move to the $0.7200 region.

Good support remains to be seen around the recent lows at $0.7098-to-$0.7080.

Short-term outlook: neutral while below its 25 May high at $0.7182 high but above the 19 May low at $0.7080

Medium-term outlook: bullish while above the 19 May low at $0.7080

AUD/USD daily candlestick chart

Copper price resumes advance

Copper's recovery from this week's $6.1805 low is ongoing with further upside looking probable while this level underpins.

An advance towards Monday's high at $6.4211 probably remains at hand, a rise above which could open the way for the metal's $6.6328 record high to be reached too.

Were this week's low at $6.1805 to be slipped through, though, support in the $6.1505-to-$6.0806 region may be revisited.

Short-term outlook: bullish while above $6.1805

Medium-term outlook: bullish while trading above the 19 May $6.0806 low

Copper daily candlestick chart