Copper Leading The Australian Dollar?
We are long AUD/USD and looking forward to the pair playing some catchup with copper prices. The chart below 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.
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