That’s a sharp drop in mortgage applications in the past week as the average rate of the most popular US home loan moves higher once again. Both purchases and refinancing activities declined sharply, exemplifying the ongoing subdued mood in the mortgage market.
This article was written by Justin Low at www.forexlive.com.
Copper Technical Analysis –
Daily Timeframe
On the daily chart, we can see that Copper
yesterday broke through the key support zone
around the 3.55 level but bounced back soon after leaving behind a fakeout. The
buyers stepped in more aggressively and took the price into the red 21 moving average. From a
risk management perspective, the sellers will be better off waiting for the
price to come back into the downward trendline around
the 3.75 level where they will have a much better risk to reward setup.
Copper Technical Analysis –
4 hour Timeframe
On the 4 hour chart, we can see that the break
through the support diverged with the
MACD, which
is generally a sign of weakening momentum often followed by pullbacks or
reversals. In this case, we might see a reversal back into the previous swing
high around the 3.68 level where we can find the confluence with the
minor downward trendline and the 61.8% Fibonacci retracement
level.
Copper Technical Analysis –
1 hour Timeframe
On the 1 hour chart, we can see more
closely the fakeout below the support zone and the strong rally afterwards.
From a risk management perspective, the buyers would be better off waiting for
the price to pull back into the 38.2% Fibonacci retracement level before piling
in for another rally into the 3.68 resistance.
Upcoming Events
Tomorrow we will get the latest US Jobless Claims
report and the market will want to see if the miss in Continuing Claims last
week was just a blip or the start of a trend. Later in the day we will also
hear from Fed Chair Powell where the market will be focused on any hint about
the near-term policy outlook. Copper is likely to get under pressure if the Jobless
Claims data misses expectations by a big margin or Fed Chair Powell sounds very
hawkish.
This article was written by FL Contributors at www.forexlive.com.
UBS is revising higher their 2023 GDP growth forecast for China to 5.2% from 4.8% previously. Earlier, Goldman Sachs did go against the current (sort of) by revising lower their forecast estimate to 5.3% (previously 5.4%). But they were one of the few, if not the only one, to not have downgraded China’s prospects in the months before so it balances out.
Update: Now, Morgan Stanley is also chipping in by revising higher their GDP tracking estimate for China this year to 5.1% from 4.8% to 4.9% previously.
This article was written by Justin Low at www.forexlive.com.
Well, it might still be too early to really judge how the Israel-Hamas conflict is going to turn out. So, I would expect OPEC+ to stick with the status quo for a bit longer before making any hasty decisions. Oil is up over 3% on the day to $89.14 currently as commodities are still heavily influenced by developments in the Middle East for now.
This article was written by Justin Low at www.forexlive.com.
Ob Urlaub im Familienhotel oder Immobilienkauf: Im Service-Sektor entscheidet oft die persönliche Beziehung – das zeigt die Studie „Beste Dienstleister“.
Die Restbestände aus der Kooperation mit dem US-Skandalrapper Kanye West lindern die Sorgen des Dax-Konzerns. Der erwartete Verlust soll kleiner ausfallen.
ASML setzt weniger um +++ Just Eat hebt erneut Gewinnziel an +++ United Airlines enttäuscht Anleger mit Gewinnprognose +++ Die Geschäftszahlen des Tages.
Mobile Roboter setzen sich in der Logistik durch. Mit der Übernahme des Herstellers Magazino erweitert Jungheinrich sein Geschäftsmodell – und will Marktführer werden.
Im internationalen Vergleich sind Frauen in deutschen Vorstandsetagen einer Studie zufolge klar unterrepräsentiert. Der Spitzenreiter kommt hier aus Übersee.
Negative Nachrichten sorgen nicht mehr für einen Ausverkauf am Markt. Größter Gewinner ist Adidas. Die Schuhe ließen sich besser verkaufen als erwartet.