FxWirePro: Copper pivotal at 200W SMA, break below targets 61.8% Fib at 2.465
COPPER chart on Trading View used for analysis Copper is trading in a narrow range on the day, with the days high at 2.614 and low at 2.591. Price action snapped 5-day loosing streak as dollar rally paused. However, pers…
Copper is trading in a narrow range on the day, with the days high at 2.614 and low at 2.591.
Price action snapped 5-day loosing streak as dollar rally paused.
However, persistent fears over escalating trade tensions between the United States and top metals consumer China will keep upside limited.
Copper finds stiff support at 200W SMA at 2.611, break below will see further weakness.
Technical studies on weekly charts are highly bearish. Momentum with the bears.
Break below 200W SMA will likely see downside till next major support at 2.465 (converged trendline and 61.8% Fib).
On the flip side, rejection at 200W SMA will see bounce upto 21-EMA at 2.683. Further upside only on decisive break above.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 68.6128 (Neutral) at 1325 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
