FxWirePro: Copper edges lower from session highs at 2.731, close above 2.70 to see further upside
Copper rejected at highs, edges lower from session highs at 2.731. Some intraday weakness seen on daily charts, but weekly charts are bullishly aligned. China's copper trade data for the month of December showed that ove…
Copper rejected at highs, edges lower from session highs at 2.731.
Some intraday weakness seen on daily charts, but weekly charts are bullishly aligned.
China's copper trade data for the month of December showed that overall copper imports rose in December, posting a solid close to a strong year for China’s copper market.
Bias higher as long as pair closes above trendline at 2.70. We then see scope for test of 2.752 (Nov 28 highs).
On the flipside, close below 2.70 could see test of 5-DMA at 2.656. Break below finds next major support at 2.584 (50-DMA).
