In this chart we can see that we are about to break the trend line that holds the correction of the price, and that we are going to see lower levels in the months to come.
As stated a couple of weeks ago, EURUSD retested the confluence of resistance levels in the 1.1860-1.1870 area, however the downtrend remains intact and we continue to target the 200 day moving average neighorhood which sits at 1.1220. – This next move lower should help bring the pair slightly more in line with curve spreads, the correlation of which broke earlier in July this year.
This saga isn’t over yet. We can expect Clumsy adaptions on the price for the months to come, but, Rajoy has delivered a statement and has taken the first step in triggering Article 155 of the constitution.
NZDUSD confirmed a bearish break last week with the close below the August low and the 200 day moving average. There has been good downside follow through so far, the key level to watch is the break of the channel and close below 0,69 with a target of 0,46 over the next couple of years. (long term trade)
Copper is currently testing strong support in this area from $298-$304 where 2011 and 2013 lows converge with the top of the 6 ½ year channel. A weekly close above this area already happened so it means Cooper would strengthen the bullish picture in the future.