Copper: Corrective recovery to be extended – Credit Suisse

FXStreet Team FXStreet

Copper continues to edge higher but, with a large top in place, strength is seen as corrective ahead of the core trend eventually turning lower again, strategists at Credit Suisse apprise.

Key quotes

“Copper (LME) is now trying to break key retracement resistance at $5357/70, but with more important resistance still seen at $5518/90, the 2020 February low and previous range breakout point.”

“With a major top still in place our bias remains for this to cap for an eventual resumption of the broader downtrend, with a move below distant $4953 needed to now mark a near-term top for a fall back to $4371/18.”

“A close above the 200-day average at 5674 would indicate the top has been negated, making a range bound market a more likely scenario.”

Author

FXStreet Team

FXStreet

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.