FxWirePro: AUD/USD slips below 0.74 handle, Aussie depressed amid disappointing Chinese macro data and strong USD
FxWirePro: Copper bounces off from monthly lows, hovers around 200-DMA
COPPER chart - Trading View
Prices of copper edged higher from near a one-month low on Tuesday, but outlook remained bearish.
Potential debt crisis at China developer Evergrande Group spurred a sell-off across commodity markets and stoked worries over global demand.
Growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets.
Copper was trading 0.98% higher on the day at 4.1614 at around 10:00 GMT, after closing 2.58% lower in the previous session.
Copper rebounds as Evergrande worries fade. Investors await FOMC policy meeting for further cues.
Technical indicators for the pair support downside. Momentum is bearish and volatility is high.
The pair is consolidating break below 200-DMA, scope for dip till trendline support at 3.975. Retrace above 200-DMA negates any further bearishness.