FxWirePro: Copper finds strong trendline support at 2.65, weakness likely on break below

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.