FxWirePro: Copper resumes rally, set to retest yearly highs at 4.364 as record Chinese imports in March fuel gains
FxWirePro: AUD/USD pauses 4-day winning streak, trades weaker on downbeat China GDP and Industrial Production data
Copper hit fresh 7-year highs at 3.642, no signs of exhaustion seen
COPPER chart - Trading View
Copper was trading 0.38% higher on the day at 3.624 at around 09:45 GMT.
The pair is extending previous month's stellar performance and has gained over 5% on the month till date.
Bullish bias boosted after price action broke major trendline resistance at 3.30 in the previous month's trade.
The pair is extending bull run for the 7th straight week, price has hit levels unseen since Feb 2013.
Technical indicators are bullishly aligned, keeping scope for further upside. No major signs of exhaustion seen.
Overbought oscillators raise possibility of minor downside. Pullbacks are likely to be shallow. Bullish invalidation only below daily cloud.