The dollar's close above 101.21 shifts the technical edge to bulls. Palladium's breakdown below the ascending channel targets 1180, while copper needs a close below 632 to trigger a bearish leg, analyst Anna said.
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The dollar index closed above 101.21 on Wednesday, breaking the upper boundary of a consolidation zone that had contained price action for weeks. The move invalidated two bearish engulfing patterns, giving buyers a technical advantage, according to technical analyst Anna. Thursday brought a modest pullback. As long as the index continues closing above 101.21, the breakout remains valid and the upside targets stay in play, she said.
Palladium did not follow the dollar's lead. The metal dropped back below the lower boundary of its green ascending channel. Thursday's Asian session opened with a bearish gap between 1255 and 1262, which triggered a test of support around 1250. At the time of writing, price remains below that resistance zone, keeping sellers in control, Anna said. As long as palladium closes below the broken channel, every bounce should be treated as a verification of the breakdown, not a reversal. Fresh daily sell signals from the CCI and Stochastic indicators support the bearish case, keeping the downside scenario toward 1180 alive.
Copper followed a similar path. Sellers tested the lower boundary of the consolidation formed by Tuesday's wide bullish candle, which ran from 632 to 656. Thursday's session finished inside that range, meaning the tiny breakdown was invalidated. Only a daily close below 632 would officially trigger the next bearish leg and reopen the path toward Wednesday's downside targets, Anna said. Both CCI and Stochastic generated fresh daily sell signals for copper, adding to the bearish picture.
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