Technical Analysis Of The DAX 40 As It Bounces Back While AUD/USD Range Trades And The Copper Price Retreats.

(MENAFN- DailyFX (IG)) DAX 40 tries to find support

The DAX 40 has been retreating over the past week or so, following its recent strong advance.

While it remains above this week's 24,762 low, a recovery towards the late May low at 24,973 is expected to be witnessed. Further up lies the high point of the current June gap at 25,062 which represents another potential upside target.

Only a fall through this week's low at 24,762 would be short-term bearish and may provoke a slide to the 21 April high at 24,606.

Short-term outlook: neutral while trading above the 3 June low at 24,762

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

DAX 40 daily candlestick chart Source: TradingView AUD/USD consolidates

Even though AUD/USD remains above its 55-day simple moving average (SMA) at $0.7107, it continues to trade sideways between its recent high at $0.7200 and its mid-May $0.7080 low.

In the short-term the 55-day SMA may well be revisited, though.

Short-term outlook: neutral while below its 29 May high at $0.7200 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 comes off resistance

Copper's recovery from last week's $6.1805 low has taken it to $6.6367 on Tuesday, a new record high and marginally above the $6.6328 May peak, before slipping towards the mid-May high at $6.2762.

Were it to give way, last week's low at $6.1805 may be revisited. If also slipped through, support in the $6.1505-to-$6.0806 region may be tested.

In case of a new all-time high being made, the minor psychological $7.0000 region may be in sight.

Short-term outlook: bearish while below $6.6367

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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