Another 5% rise for copper overnight and commodities and commodity currencies are back in vogue. We have seen countries like South Korea taking advantage of the dip in prices over the last year to start stock-piling necessary commodities and this is now starting to have a positive effect on prices. The speculators are out, inventories are falling and the rally is underway.
AUD/USD should now be well supported on any dips back towards .7150 and the next major technical target is the major 38.2% retracement level at .7470.
