Copper vs. Dollar

In this latest report of Alpha Global we have looked at a combination of commodities with forex pairs. The charts below illustrate the Rieki performance cycle of Comex Spot Copper (.BRHG) and PowerShares DB US Dollar Index Bullish Fund (UUP). The Dollar Index Bullish Fund Rieki has not reversed yet and is still bottoming while Copper Spot is rising and has reached the top 100 performance among our global coverage. Neither Copper or Dollar have shown any indication of reversal. However, if we extend the metals case to silver and gold, we observe that performance Rieki has already reversed. A similar exhaustion case is visible from Australian Dollar and Canadian Dollar. We need further price confirmation on dollar and the commodity complex to look for a primary reversal. But the intermediate reversal seem to be in. We have illustrated Crude, EURUSD Elliott counts and key levels.

Coverage Global: S&P500 components, Global Indices, ETF SPDRS, Commodities, Bonds and Currencies

Jyoti Nangrani, CMT (Chartered Market Technician) from the Market Technicians Association. She has 5 years of experience in Technical Analysis covering Equity and Commodity markets. She holds a Masters diploma in E-Business and is currently pursuing the MS Finance from ICFAI, Hyderabad. She is a Senior Technical Analyst at Aditya Birla Money covering Indian Equity Markets. She worked as a part of the core strategy team at Tower Capital devising CRM and MIS systems for Debt/Equity and Commodity divisions. She is passionate about Technical Analysis and considers it an extremely valuable skill in current times. Jyoti will be covering Forex in her weekly columns.

Post a comment


Spam protection by WP Captcha-Free