The rising USD is putting pressure on the metal because it means that USD-quoted copper is more expensive for buyers holding other currencies, curbing demand and prices. The USD has risen 13.6% so far this year. At the same time, the potential for more pro-economic policies from top metal consumer China has limited the downside for copper prices. Tight inventories and supply risks are also helping to support copper prices. The London and Shanghai exchanges recently reported declining inventories, while earnings reports from major producers show reduced production due to various supply disruptions. September copper futures are expected to trade in a range of $3.623 to $3.6598.

Most hedge funds have moved from profit-taking to net short on Chinese tech stocks since July, according to a report released by Morgan Stanley on August 18. Meanwhile, long-only regional equity funds have stopped increasing their exposure. This explains the recent declines - the NASDAQ Golden Dragon China Index and the Hang Seng TECH Index are down 13% and 21%, respectively, from their June highs. Now in a technology stock price depression, it is a good time to rebuild Chinese tech stocks. When the world's tech stocks usher in cold winter, they may rise and fall and may rebound at the bottom. While the rest of the world may be having a cold tech winter, this rise and fall is the opportunity for China's tech to rebound.

Europe's economy is facing a greater risk of recession, while the CAD has benefited from soaring energy prices and the central bank's stance, making the EURCAD weaker, which also continues to break the technical position, opening up more room for decline.

The Fed's tone at the global central bank meeting was largely hawkish, but the complexity of the issue at hand is that parts of Powell's speech may have been digested by the market. The market has fallen while it is not clear to what extent this expectation has been digested. If this expectation is fully digested, then even if Powell's speech is hawkish, it will be seen as "not hawkish enough."

It appears eurusd is going to go through a continuation due to the bearish flag  on the 4H chart.

The market expects that Fed Chairman Powell's speech at the global central banking conference will be hawkish. The USD remains high, which will weaken the AUD again.