Copper is under bearish pressure for the last few weeks, currently testing an important support line connected from December 2015 low, which can be broken if we consider that A-B-C-D-E triangle can be finished. If that’s the case then current decline down from 2.2200 will be an impulsive leg, first wave as part of a bigger impulsive bearish cycle that will take price below 2015 levels. We expect a breakout while 2.1488 remains in place.
Copper Daily Chart
If copper is really going to break-down then AUDUSD should also come much lower. For now, we do not see any changes on the 1h chart; just a corrective wave up that can be looking for a top this week at 0.7650-0.7675 area.
AUDUSD Hourly Chart