We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • 🇦🇺 AUD Wage Price Index (YoY) (4Q), Actual: 2.2% Expected: 2.2% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2020-02-19
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Find out from @ddubrovskyFX here:https://t.co/M6fLA9g3BK https://t.co/UcnG7bHJ9w
  • LIVE IN 30 MIN: In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395
  • Heads Up:🇦🇺 AUD Wage Price Index (YoY) (4Q) due at 00:30 GMT (15min), Actual: N/A Expected: 2.2% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2020-02-19
  • The US Dollar rally may extend on technical signals. The Japanese #Yen rose with #gold prices as #coronavirus fears sank equities across the globe, leaving investors on the edge again here - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/02/19/US-Dollar-Uptrend-May-Prolong-Yen-Gains-as-Equities-Fall-Globally.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/wDGBH3hLcb
  • RT @lisaabramowicz1: China’s economy was likely running at just 40%-50% capacity last week: Bloomberg Economics https://t.co/zkRkm5VzxU
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/1:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/GmUZSp9bvu
  • 🇯🇵 JPY Trade Balance (JAN), Actual: -¥1312.6b Expected: -¥1684.8b Previous: -¥154.6b https://www.dailyfx.com/economic-calendar#2020-02-18
  • 🇯🇵 JPY Machine Orders (YoY) (DEC), Actual: -3.5% Expected: -1.3% Previous: 5.3% https://www.dailyfx.com/economic-calendar#2020-02-18
  • 🇯🇵 JPY Machine Orders (YoY) (DEC), Actual: -12.5% Expected: -1.3% Previous: 5.3% https://www.dailyfx.com/economic-calendar#2020-02-18
Copper Breaks Key Support

Copper Breaks Key Support

2016-04-07 13:55:00
Kristian Kerr, Sr. Currency Strategist
Share:

Price & Time covers key technical themes daily and can be delivered to your inbox each morning by joining the distribution list: Price & Time

Talking Points

  • Failure from long-term resistance picks up downside momentum
  • Important turn window next week

Copper Breaks Key Support

Copper Breaks Key Support

Copper has broken through some important support levels this morning between 2.11 and 2.12. These include the median line of a pitchfork drawn from the late November low, the 50% retracement of the January - March advance and the trendline connecting the January and February lows. This break of key support comes on the heels of an important failure last month at the 2.33 38% retracement of the May - January decline and on a closing basis at the internal trendline connecting the August and September lows near 2.29. Are we seeing the longer-term downtrend reassert itself?

Looking for real-time positioning data? Find out HERE

It would seem so. If we close the day and week under 2.11 that would be further evidence that something more import is developing here on the downside. Also keep an eye on support between 2.07 – 2.08. If that breaks easily over the next few days we could see downside momentum pick up. Failure to sustain weakness under 2.11 over the next couple of days would raise the possibility the decline of the past few days was just a downside overshoot of a correction against the intermediate-term uptrend, but I would probably need to see traction back over 2.18 to give this thinking more credence. From a timing perspective, the second half of next week looks like the next important potential turn window.

What is the #1 mistake most FX traders make? Find out HERE.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.