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
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Copper Weekly Forecast: Signals and Thresholds to Watch

Copper Weekly Forecast: Signals and Thresholds to Watch

2020-01-10 15:01:00
Mahmoud Alkudsi, Market Analyst

Copper Technical Outlook

USD Forecast
USD Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q1 Forecast for main commodities
Get My Guide

Copper Price – Buyers Pullback

On Dec 27, Cooper rallied to $6.266 – its highest level in nearly seven and half months. However, the price declined after as some buyers took profit. On the following week, buyers resumed taking profit operations and this led Copper to close on Friday with a 1.3% loss.

The relative Strength index (RSI) remained flat above 50, highlighting paused uptrend momentum.

Having trouble with your trading strategy?Here’s the #1 Mistake That Traders Make

Copper DAILY PRICE CHART (May 19, 2018 – Jan 10, 2020) Zoomed out

Copper daily price chart 10-01-20 zoomed out

Copper DAILY PRICE CHART (May 6 – Jan 10, 2020) Zoomed In

Copper daily price chart 10-01-20 zoomed in

Looking at the daily chart, we notice on Dec 10 Copper broke above the downtrend line originated from the April 17 high at $6.607 then rushed to a higher trading zone $6.084 - $6.303.

A close below the low end of the zone may lead more buyers to exit the market. This could send the price towards $6.012. Further close below this level opens the door for sellers to take charge and press towards $5.519. Although, the weekly support level and area marked on the chart (Zoomed in) should be considered as some market participants could exit their trades at these points.

On the flip-side, a close above the high end of the zone may encourage buyers to push the price towards $6.607. Nevertheless, the weekly resistance levels underscored on the chart should be monitored.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

Copper Four-HOUR PRICE CHART (Aug 6 – Jan 10, 2020)

Copper four hour price chart 10-01-20

From the four-hour chart, we notice on Jan 2 Copper corrected its uptrend move and carved out a lower high at $6.233. Since then, the price has moved in a sideways move creating lower highs with higher lows. Today, Copper tested again the uptrend line originated from the Dec 3 low at $5.807. Any violation to this line today may send the price towards 6.089.

A break below $6.073 could mean more bearishness towards $6.017. Yet, the support level located at $6.046 should be kept in focus. On the other hand, a break above $6.227 could cause a rally towards $6.303. Although, the daily resistance level underlined on the chart would be worth monitoring.

See the chart to know more about the key technical levels in a further bullish/bearish move.

Just getting started?See our Beginners’ Guide for FX traders

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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


News & Analysis at your fingertips.