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Copper chart on Trading View used for analysis
- Copper is extending choppy trade, capped at 110-EMA at 0.7956.
- The pair is currently trading at 2.790, down 0.18% at the time of writing.
- Tight supplies to push prices higher. Headline copper inventories in LME-registered warehouses fell by 5,425 tonnes to 161,025 tonnes, nearing last month's 10-year low of 136,675 tonnes.
- The pair finds stiff resistance at 110-EMA at 2.7956, break above to see further upside.
- Gains remain capped amid tensions between the two major economies at a regional summit.
- Break above 110-EMA will take the pair higher to test 200-DMA at 2.921. While rejection at 110-EMA could see dip till 2.665 levels.
Support levels - 2.7662 (5-DMA), 2.7100 (cloud base)
Resistance levels - 2.7956 (110-EMA), 2.869 (Sept 21 high), 2.9201 (200-DMA)
Recommendation: Good to go long on break above 110-EMA, target 2.870/ 2.920
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
