COPPER chart - Trading View
Copper spikes over 1.10% on the day and was trading at 4.055 at around 04:50 GMT.
Copper prices buoyed after US President Biden announced a $2 trillion infrastructure plan to boost the economy.
The eight-year plan aims to rebuild America's ageing infrastructure, promote electric vehicles and clean energy, and create employment opportunities.
From a technical perspective, pullback from record highs at 4.364 has found support at daily cloud.
RSI and 5-DMA have turned, raising scope for upside resumption. Major trend as evidenced by GMMA is bullish.
Price action has broken above 21-EMA and 200H MA and is set to test next immediate resistance at 5W MA at 4.078.
Momentum is bullish, volatility is high and rising, the pair is on a path of little resistance, break above 5W MA will raise scope for retest of 4.364.
21-EMA has now turned support at 4.033, break below will see weakness. Bullish invalidation only below 55-EMA at 3.918.


FxWirePro- Major Pair levels and bias summary
FxWirePro- Major Crypto levels and bias summary
GBP/JPY Stuck in Holiday Neutral: Range-Bound at 210 Ahead of Christmas
Bitcoin Stuck in No-Man’s-Land: $85K Dip or $100K Breakout Next?
EUR/GBP Holiday Slumber: Bearish Bias Intact Below 0.8800 Resistance
FxWirePro: USD/ZAR outlook weaker on renewed downside pressure
FxWirePro: AUD/USD gaining momentum for a move towards 0.6800 level
ETHUSD Dip: Prime Buy Zone to $3600 Targets
FxWirePro: USD/CAD dips below lower range, bearish bias increases
AUDJPY Bulls in Control: Buy the Dips Above 103.80 for a Run Towards 106
FxWirePro- Major Crypto levels and bias summary
CAD/JPY Holds Positive Bias Despite Canada’s Sharp GDP Contraction: Buy Dips Toward 116 Target
FxWirePro- Woodies Pivot(Major) 



