FxWirePro: Copper holds strong trendline support at 2.65, bias remains bearish

Copper chart on Trading View used for analysis

• Copper is trading 0.78% higher on the day at 2.674 at the time of writing.
   
• The pair has shown a bounce off major trendline support at 0.65, we see weakness only on break below. 
   
• Upside has been rejected at 55-EMA and price has fallen below daily cloud. 
   
• The pair has fallen below major moving averages which are biased lower and upside finds immediate resistance at 5-DMA at 2.6909. 
   
• Scope for test of August 15th lows at 2.579. Break below will see further weakness.
   
• We see scope for further gains and a bearish invalidation only on decisive break above 110-EMA.

Support levels - 2.65 (major trendline support), 2.551 (Aug 15 low)

Resistance levels - 2.6909 (5-DMA), 2.7526 (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.