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FxWirePro: Copper extends rout, breaks new supports every week, next major bear target at 200W SMA

  • Copper is extending weakness for the 6th straight week, bias remains bearish.
     
  • The pair has been on a rampage since beginning of June and we see further extension of downside.
     
  • Price has been breaking major supports every week:
    - Ichimoku cloud at 2.895
    - 100W-SMA at 2.794
    - 38.2% Fib at 2.791
    - trendline aupport at 2.752
     
  • The next major bear target lies at 200W SMA at 2.622. Violation there will open up further downside.
     
  • Momentum indiactors have approached oversold levels on the weekly chart which could see minor pullbacks.
     
  • Larger trend remains bearish and we see no major signs of reversal. 
     
  • Retrace above 100W SMA at 2.80 could see some consolidation. Break above cloud will negate bearish bias. 

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 55.4973 (Neutral) at 1145 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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August 17 14:30 UTC Released

USECRI Weekly Annualized

Actual

0.3 %

Forecast

Previous

0.6 %

August 17 14:30 UTC Released

USECRI Weekly Index

Actual

147.4 %

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Previous

147.8 %

January 31 00:00 UTC 287042287042m

ARAnnual Primary Balance*

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2016 bln ARS

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January 31 00:00 UTC 287042287042m

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 298862298862m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 287042287042m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 298862298862m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 287042287042m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 287042287042m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 287042287042m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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