Dr Copper speaks

March 29, 2012

FOREX

This outlook fits with my bond piece earlier in the week and also this mornings Australian Dollar piece.

As the guys from MacroMon suggest – might be time to play defense.

Global Macro Monitor

In prior posts we’ve noted copper is key to divine where the Chinese and global economy are headed.  It was down almost 2 percent today and at key short-term support and its 200-day moving average.  It’s tracing out a descending triangle chart pattern, which usually resolves in a bearish move.   If 3.70 on the nearest contract breaks,  one more reason to play better defense.

(click here if chart is not observable)

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