Copper Leading the Australian Dollar?
09/06/2017 2:59 am EST
We’re long Australian dollar/U.S. dollar. Check out the charts showing copper futures, writes Jack Crooks of Black Swan Capital on Wednesday.
We are long Australian dollar/U.S. dollar (AUD/USD) and looking forward to the pair playing some catch up with copper prices.
The chart compares weekly copper futures prices to the (AUD/USD) spot price.
Copper has moved above a key intermediate-term swing resistance level; Aussie has not.
The bottom pane of the chart shows the 10-year benchmark spread between Australia and the United States.
The down trend line going back to 2010 has been broken.