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Copper chart on Trading View used for analysis
- Copper is trading rangebound on the day at 2.669 at the time of writing.
- The pair is extending weakness for the 3rd straight session, bias lower.
- Upside has been rejected at 55-EMA and we see scope for further gains only on decisive break above.
- The pair has fallen below major moving averages which are biased lower.
- Price action finds strong support at 2.65 (major trendline). Break below to see major weakness.
- Scope for test of August 15th lows at 2.579. Break below will see further weakness.
Support levels - 0.65 (major trendline support), 2.551 (Aug 15 low)
Resistance levels - 2.709 (5-DMA), 2.756 (55-EMA)
Recommendation: Watchout for break below 2.65 to go short.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
