Copper-Time to Shine?

Copper Weekly Nearest Future

Copper Weekly 2-19-2016

Trend lows for copper were made back in mid-January at a long term trendline (line that extends off of the October 2002 and 2008 lows). A view of the daily reveals a possible inverse head and shoulders pattern as well.   There’s still work to do but the pattern would complete on a rally above 2.1400 and yield a target of 2.3435. Incidentally, this level is near a median line that was resistance back in September (55 week and 200 day averages are up there too). Bottom line, copper looks the most constructive that it has in years. From an FX perspective, this could be tailwind for AUD/USD.

Copper Daily Nearest Future

Copper Daily 2-19-2016

Copper and AUDUSD Weekly

Copper and AUDUSD Weekly 2-19-2016