Hg
Copper huge upside possible on Daily Copper has been consolidating for some time now, but has not been affected by DXY's huge upsurge from FOMC. Forms a really nice Bull Flag :)
I have overlaid DXY seen in shadow candles at the back. Highest DXY in a long time and also has a hammer on daily. For the most part, Red DXY = Green Copper!
The support has been holding pretty nicely so far and should it break 2.67, could easily breakout to 2.74 and above to 2.89. The MACD is about to turn and RSI also. Since we are at bottom of the wedge right now, it's good time to go in with stop below the wedge. Good luck
Copper - a little bit risky short on dailySeems like it's still short situation on daily TF. SL above 2.6, target -- 2.3 or lower.
Copper: Is Copper out of the woods?Copper:
The short answer is no... at least not yet!
The current bear market is not over yet.However it seems like copper is entering a horizontal consolidation phase(or bull flag).Needs to react at least temporarily at 2.52. If not then the bear trend is still there.
AUDUSD Rallies But Remains Technical ShortOn May 9, MacroView issued a short idea on AUDUSD and highlighted the strong correlations with copper and gold, which we would see the trifecta fall 2.93 percent, 4.90 percent and 6.68 percent respectively.
We've seen all three etch out bottoms in early June, yet copper is retesting those lows on unexpected increases in inventories. The AUDUSD went big following the Reserve Bank of Australia holding their key benchmark to 1.75 percent. Unfortunately, this will be short-lived. The central bank's policy will strongly be tethered to the economic performance of China.
Technically, we see price resistance at .7520 with a breakout potential to .7645 since the move does have relative strength in momentum. However, the weekly technicals still show a picture of lackluster upside potential.
Intermediately, the z-score is at a very high 2.6 (+/- 2 are a great contrarian indicator).
Trade posted on chart. Updates will be provided.
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COPPER 15MIN: priginal 15min demand buying opportunityH1: we are indiside of an H1 demand zone
15MIN: there is 15min original demand zone for buying opportunities inside of an H1 demand zone
TP1: Just before H1 wick
TP2: Will be Trailing till just before the previous swing resistance
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copper shortif the price falls below 2.22 then you have to look for an opportunity to open a short position on a pullback
the expected stop-loss 2.293
Focus on copperCopper on a daily chart. Not much say. Price hit resistance multiple times and is now taking a dive. Not many support levels on the way down. I would look for a bounce a the grey arrow and observe price actions a these levels.
