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 DAX 40's rally off its mid-June low at 23,052 has taken it to Wednesday's 24,609 record high whilst gunning for the psychological 25,000 mark.
Potential slips may find support around the 24,479 early June high, the 24,326 late May high and the 24,121 late June peak.
While the next lower June low at 23,052 holds on a daily chart closing basis, the medium-term uptrend remains intact.
For a more in-depth analysis, please read this article.
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.
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.
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