FxWirePro: Copper refreshes 5-week high, broad based U.S. dollar weakness supporting commodity prices

COPPER chart - Trading View 

Technical Analysis: Bias Bullish

Copper prices refresh 5-week high, were trading 0.36% higher on the day at 3.690 at around 10:45 GMT.

DXY, U.S. dollar index against major currencies was down for the 3rd straight session and broad based dollar weakness was supporting commodity prices.

Copper has been on a strong uptrend since March 2020 lows and shows no major signs of exhaustion yet. 

Pullback from multi-year highs has held strong support at 55-EMA and daily cloud, signs of upside resumption seen.

Oscillators are also showing signs of rollover from near-oversold levels, bias has again turned bullish.

Price action along with major moving averages have edged above 200H MA and volatility is high and rising on the intraday charts.

As the pair grinds highs in a bullish W pattern, resumption of upside will take price higher to test 2021 highs at 3.7328. Further bullishness will see test of major trendline resistance at 3.775.