Archived IMT (2010.04.21)

AUSSIE & FREEPORT-MCMORAN chart http://chart.ly/fyysmt are both on their way down as copper extend losses in 4 out of the last 5 days (see latest weekly article on BDI). FCX, one of the worlds biggest copper producers, beat earnings by 20 cents/per share today but it looks like markets are already pricing in the economic recovery, which may limit any upside in copper and related companies/currencies. HEAD&SHOULDER in FCX is evident. FCX today also falling below BOTH its 55 and 100-day MA. We mentioned yesterday how Aussie fortunes are increasingly gloomy against USD and AUD, with prelim targets at 0.9150 and 0.9215/