FxWirePro: Copper resumes upside after brief pause at 110-EMA, eyes 2.535 (61.8% Fib)
Copper has resumed upside after a brief pause as the pair holds above 110-EMA.
The pair was trading 0.58% higher on the day at 2.499 at around 05:30 GMT.
Price action has held above 110-EMA support and bounce higher on the day after a 'Doji' formation on Thursday's candle suggests buying pressure at lows.
Volatility is rising on the daily charts and oscillators though at overbought still hold bullish momentum with no major signs of reversal.
Analysis of the GMMA indicator shows minor trend is bullish, while major trend is also showing a bullish turn.
We see scope for upside resumption. Jump till 61.8% Fib at 2.535 likely ahead of 200-DMA at 2.554.
5-DMA is immediate support at 2.485. Retrace below 110-EMA negates bullish bias.