COPPER chart on Trading View used for analysis
- Copper is extending weakness after failure to break above 110-EMA.
- Technical indicators on daily charts have turned bearish with 5-DMA now sloping downward.
- Stochs and RSI on the daily charts are also biased lower and MACD is on verge of bearish crossover on signal line.
- Price has slipped below major EMAs and we see scope for dip till 2.60 (nearly converged 200W SMA and trendline).
- The pair has seen multiple rejections at 20W SMA and we see bullish resumption only on breakout above.
Support levels - 2.707 (Sept 20 low), 2.606 (200W SMA)
Resistance levels - 2.783 (5-DMA), 2.827 (20W SMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 71.9337 (Neutral) at 1330 GMT.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
