Copper set to rally past the $11000 psychological mark – Credit Suisse

FXStreet Insights Team FXStreet

Copper (LME) has moved to new record highs. The Credit Suisse analyst team stays bullish for $11000 and higher.

The $9719/9617 region provides solid support for a pullback

“Copper has surged sharply higher again for a move to a new record high above the high of 2011 at $10190. Although a knee-jerk pullback should be allowed for, we maintain our core bullish outlook and stay bullish with resistance see next at the psychological $11000 mark, which we would expect to cap the market, at least temporarily.”

“A direct break above the $11000 level can see next projection resistance at $11210, then $11440.”

“Support at $9719/9617 now ideally offers good support for a pullback.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

USD/JPY hovers below 160.50 intervention zone ahead of FOMC decision

USD/JPY remains below the 160.50 intervention zone in the Asian session on Wednesday. Despite the BoJ's rate hike to its highest level since 1995, Japan's borrowing costs remain significantly lower than the US, undermining the Japanese Yen. However, thpair US Dollar remains on the back foot amid the optimism over the US-Iran peace deal and ahead of the Fed policy decision, weighing on the pair.

AUD/USD holds steady above 0.7050; looks to Fed for fresh impetus

AUD/USD is consolidating above mid-0.7000s in the Asian session on Wednesday as traders await the outcome of a two-day FOMC meeting due later in the day. In the meantime, the optimism over an interim peace deal between the US and Iran keeps the US Dollar bulls on the defensive. This, along with the RBA's hawkish pause on Tuesday, acts as a tailwind for the pair.

Gold holds below 200-SMA as traders await Fed rate-call

Gold preserves weekly gains registered over the past two days, though it remains below a technically significant 200-day SMA through the Asian session on Wednesday. Traders now seem hesitant and are keenly awaiting the highly anticipated Fed rate decision before placing fresh directional bets. In the meantime, the US-Iran interim peace deal keeps the US Dollar on the defensive, acting as a tailwind for the bullion.

Coinbase outlines 'Everything Exchange' vision with planned tokenized stocks and AI advisor

Crypto exchange Coinbase unveiled a broad slate of new products on Tuesday, outlining plans to expand into tokenized equities and AI-powered investment tools in its pursuit of becoming an "Everything Exchange." A centerpiece of the roadmap is Coinbase's planned launch of tokenized US equities for customers outside the United States.

The most important event will be the Fed meeting with Mr. Warsh now in charge

The most important event will be the Fed meeting on Wednesday, with Mr. Warsh now in charge. As more than one analyst points out, the case for holding rates the same is strengthened by the Iran deal and the prospect of the Strait re-opening, although nobody thinks Warsh can marshal enough doves to do a cut this time.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.