DAX 40 rises as AUD/USD, copper prices drop 

Macro update

Micron earnings revive AI rally: strong forecasts from Micron and Qualcomm added over $400 billion in chip stock market value, with Micron surging 12% in extended trade after customers committed $22 billion to secure memory chip supply.

Asian markets surge on AI optimism: Japan's Nikkei jumped over 3.7% and South Korea's KOSPI gained 5.5%, led by chip-related stocks including Advantest and Tokyo Electron, as Micron's results snapped two consecutive sessions of declines.

Oil retreats to pre-war levels: Brent crude fell 1.65% to $72.52 a barrel as more tankers cleared the Strait of Hormuz following an initial accord to end the US-Israeli war with Iran, with Macquarie forecasting Brent to average $67 a barrel in the third quarter.

Yen slides toward 40-year low: rising US rate-hike expectations pushed the dollar index to a 13-month high, leaving the yen at 161.73 per dollar and raising the prospect of coordinated central bank intervention after Tokyo's unilateral effort in May failed to halt the currency's decline.

Gold drops below $4,000: bullion fell to its lowest since November 2025, down 29% from its January record, as a stronger dollar and expectations of at least three Federal Reserve rate rises this year eroded demand for the non-yielding metal.

PCE data in focus: markets awaited the US Personal Consumption Expenditures report, with core prices forecast to have risen 0.3% in May, putting the annual rate at 3.4% and likely reinforcing bets on further Fed tightening.

DAX 40 recovers

The DAX 40 has been retreating over the past few days but is seen bouncing off this week's 24,594 low with the 5 June high at 25,024 representing the next upside target.

Minor support may be spotted around the 17 Jun low at 24,764.

Were this week's low at 24,594 to give way, the 55-day simple moving average (SMA) at 24,526 and March-to-June uptrend line at 24,490 may be revisited.

Short-term outlook: neutral with a bullish bias while trading below the 19 June high at 25,176 but above the 24 June low at 24,594

Medium-term outlook: neutral while above the 30 April low at 23,716 but below the 25,438 May peak

DAX 40  daily candlestick chart

AUD/USD falls out of bed

AUD/USD's descent has so far taken it to a 2 1/2 month low with the early April low and 200-day simple moving average (SMA) at $0.6860-to-$0.6855 getting ever closer. If slid through, the late March trough at $0.6834 may also be reached.

Resistance sits at the $0.6945-to-$0.6957 early March lows.

Short-term outlook: bearish while below the 15 June high at $0.7088

Medium-term outlook: neutral with a bearish slant while below the $0.7277 May peak and above the 30 March $0.6834 low 

AUD/USD daily candlestick chart

Copper price drops

Copper's retracement lower from its recent highs at $6.5006-to-$6.5164 has so far taken the metal to a six-week low at $5.8951. A fall through this level may push the 200-day simple moving average (SMA) and early May low at $5.8075-to-$5.7732 to the fore.

Good resistance may now be found between the 19-to-28 May lows at $6.0806-to-$6.1805.

Short-term outlook: bearish while below the 21 June high at $6.3672

Medium-term outlook: neutral while trading above the 4 May $5.7732 low but below the $6.6367 early June peak

Copper daily candlestick chart