Dr. Copper is Flexing Muscles, Eyes break above Dec 2017 high

Copper has gained 6.3 percent this week and looks set to close above $3.30 (July 2014 high). It would only bolster the bullish technical setup, as indicated by the inverse head-and-shoulders breakout, solid rebound from the falling trend line in March and a rise above the ascending trendline.

Above $3.30, next big resistance is seen at $3.4617 (Dec. 23, 2013 high).

An uptick in copper prices is usually considered a positive sign for the global economy and also for the Australian dollar.

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No BoE rate hike in 2017, Pound tubles

Note the Rejection at 161.8% Fib ext. level of 1.3274. Now we wait for a breakout bullish/bearish of the rising wedge pattern. Looks as if bearish break is on the cards. That would mark end of the rally from 1.20 handle.

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Euro erases losses, breaks falling trend line

1-hour chart… nice breach of the falling trend line, we would have a sort of bullish flag breakout of the current hourly candle closes above the falling trend line. Draghi is trying hard to kill the EUR rally, but it isn’t working… everyone knows taper has already begun for countries like Germany as the ECB has fallen short of the mandatory bond purchases for three months to June.

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