Market Analysis Summary - DAX 40, AUD/USD, and Copper Prices

Publication Date: Thursday, 23 April 2026

Macro Update

• Asian Equities: Asian markets experienced a reversal from their recent highs, with shares in Japan, South Korea, and Taiwan declining. The MSCI Asia-Pacific ex-Japan index fell by 0.5%, and the Nikkei index dropped by 0.9% due to weakened risk sentiment.
• Oil Prices: Brent crude oil prices rose to approximately $100 per barrel, driven by renewed disruptions in the Strait of Hormuz, which have impacted energy prices significantly.
• Geopolitical Tensions: Iran's seizure of two vessels in the Strait of Hormuz, coupled with ongoing shipping restrictions from both Tehran and Washington, has constrained about 20% of global oil flows, complicating peace talks in the region.
• Wall Street Performance: US stock indices closed at record highs, with the S&P 500 increasing by 1% and the Nasdaq by 1.6%, buoyed by strong early earnings reports despite rising energy costs.
• Interest Rates and Currency: Treasury yields rose alongside oil prices, while the US dollar remained near a one-and-a-half-week high due to safe-haven demand. The euro remained steady near recent lows.
• Policy Outlook: The increase in oil prices has heightened inflation concerns, delaying expectations for Federal Reserve rate cuts. Gold prices fell by 0.7% as rising yields diminished its attractiveness.

DAX 40 Analysis

The DAX 40 index is currently trending lower, approaching its 200-day simple moving average (SMA) at 24,117 and the high from 10 March at 24,061. Immediate resistance is identified around the late January low of 24,266 and the trough from 5 February at 24,273. If these levels are surpassed, the index may revisit the 5 March high at 24,366 and the 21 April high at 24,607.

Short-term Outlook: Bearish while below the 21 April high of 24,607.

Medium-term Outlook: Bullish while above the 13 April low of 23,482.

AUD/USD Analysis

The AUD/USD currency pair has seen a sharp advance from its late March low of $0.6834, reaching a high of $0.7222, which is the highest level in 3 3/4 years. Currently, it is consolidating below this peak. If the $0.7222 level is exceeded, the next target could be the high from 7 February 2022 at $0.7249.

Support is located at Monday's low of $0.7117, with further support at the 24 March high of $0.7100.

Short-term Outlook: Bullish while above the 13 April low of $0.6988.

Medium-term Outlook: Bullish while above the 30 March low of $0.6834.

Copper Price Analysis

The price of copper is currently consolidating between its 11-week high of $6.1505 and this week's low of $5.9653. The mid-January high of $6.1543 remains a focal point. A slip below this week's low at $5.9653 could bring the 10 March high of $5.9623 and the 10 April peak of $5.9360 into play.

Short-term Outlook: Bullish while holding above the 21 April low of $5.9653.

Medium-term Outlook: Bullish while trading above the 9 April low of $5.6918.

Charts

Daily candlestick charts for DAX 40, AUD/USD, and Copper prices are available for further analysis.