Technical Analysis Of The DAX 40, AUD/USD And Copper Price As They Recover.

(MENAFN- DailyFX (IG)) 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 Source: TradingView 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 Source: TradingView 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 Source: TradingView Important to know

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