FxWirePro: Copper pauses downside, bounces off cloud support

COPPER chart - Trading View 

Copper has halted a 2-day downside and was trading 1.40% higher on the day at 4.534 at around 11:45 GMT.

Price action has bounced off cloud support, any further weakness only on break below.

Retrace from multi-year highs at 4.8857 (May 10th) has held support at 110-EMA.

After extending sideways at 110-EMA support, price action has broken above daily cloud.

The US dollar weakness after a dovish Fed on Wednesday adds support to the commodities.

Cloud breakout has raised scope for resumption of the copper super-cycle. Retest of yearly tops at 4.885 likely.