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FxWirePro: Copper pivotal at 200W SMA, break below targets 61.8% Fib at 2.465

COPPER chart on Trading View used for analysis 

  • Copper is trading in a narrow range on the day, with the days high at 2.614 and low at 2.591.
     
  • Price action snapped 5-day loosing streak as dollar rally paused.
     
  • However, persistent fears over escalating trade tensions between the United States and top metals consumer China will keep upside limited.
     
  • Copper finds stiff support at 200W SMA at 2.611, break below will see further weakness.
     
  • Technical studies on weekly charts are highly bearish. Momentum with the bears. 
     
  • Break below 200W SMA will likely see downside till next major support at 2.465 (converged trendline and 61.8% Fib).
     
  • On the flip side, rejection at 200W SMA will see bounce upto 21-EMA at 2.683. Further upside only on decisive break above.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 68.6128 (Neutral) at 1325 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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