“Market buys the dovish Yellen story”, says Craig Erlam, Senior Market Analyst, Oanda, as he joins the Tip TV Finance Show to discuss the technical outlook for Copper, EUR/USD, and WTI Oil. Interviewed by Zak Mir, Technical Analyst at ZaksTradersCafe, and Mike Ingram, Strategist at BGC Partners.
Key Points:
Copper – Dollar driven break in Copper. Currently below the key 220 level. Re-establishing a new range perhaps.
EUR/USD – Dollar the main driver here. Stabilising around 1.12-1.1150 level. Yellen gave a big hint of US policy which led to dollar weakness. The cross looks more bullish in the short-term, and 1.14-1.15 is a realistic possibility.
WTI – Fundamentals don’t agree with the technicals. More upside likely from a technical perspective. Short-to-medium term upside before topping is seen.
https://www.youtube.com/watch?v=fOrvbEZ-p2U
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