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
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • As risk sentiment takes a turn lower, high-beta currencies such as the Australian Dollar has been among the underperformers. Get your $AUDUSD market update from @JMcQueenFX here: https://t.co/nXadRykouT https://t.co/szzQ0PKNR2
  • Heads Up:🇨🇦 BoC Gov Poloz Speech due at 17:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.43%, while traders in US 500 are at opposite extremes with 77.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xjdScTDBXn
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.57% Gold: -0.32% Silver: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nRUi0hbwoO
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.28% 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.17% 🇨🇭CHF: 0.04% 🇯🇵JPY: -0.07% 🇪🇺EUR: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/noQ2M4dTit
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 1.29% Wall Street: 1.24% France 40: 0.15% Germany 30: 0.10% FTSE 100: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AiUmtoNeVW
  • The British Pound is under renewed selling pressure this morning after BoE deputy governor for banking and markets said that the central bank is keeping ‘our whole tool set under active review'. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/fY4HewczpL https://t.co/AX1qMeq8ks
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.31% 🇨🇦CAD: 0.19% 🇦🇺AUD: 0.18% 🇨🇭CHF: 0.04% 🇪🇺EUR: -0.05% 🇯🇵JPY: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qsrBgSzbb9
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.48% France 40: 1.56% FTSE 100: 1.37% US 500: 1.27% Wall Street: 1.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/U88jwizBUy
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.62% Gold: -0.43% Silver: -0.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/E0JIHB34kq
Copper Price Technical Forecast: A Struggle for Momentum

Copper Price Technical Forecast: A Struggle for Momentum

2020-05-18 14:00:00
Mahmoud Alkudsi, Analyst
Share:

Copper Technical Analysis

Copper Price – Bulls Ease Up

On May 11, Copper rallied to an eight-week high at $5.371. However, the price declined after, as some bulls seemed to cut back. As a result, the price closed the weekly candlestick on Friday in the red with a 1.7% loss.

Alongside that, the Relative Strength Index (RSI) remained above 50, indicating that bullish momentum was still intact.

Copper DAILY PRICE CHART (JULy 17, 2018 – May 18, 2020) Zoomed out

copper daily price chart 18-05-20 Zomed out
Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

Copper DAILY PRICE CHART (FEB 19 – May 18, 2020) Zoomed In

copper daily price chart 18-05-20 Zomed in

Looking at the daily chart, on April 7 Copper started a bullish momentum creating higher highs with higher lows. On Wednesday, the price declined to the current trading zone $5.010- $5.239. However, on the following day the market failed to overtake the 50-day moving average reflecting that bulls were not done yet.

A close above the high end of the aforementioned trading zone may cause a rally towards $5.519. A further close above that level could extend the rally towards $5.735. Nevertheless, the weekly resistance levels underscored on the chart (zoomed in) should be considered.

On the other hand, any failure in closing above the high end of the zone highlights bull’s hesitation. In that scenario, the price may double top and reverse lower, if breaks and remains below the neckline residing $5.146. A further close below the low end of the zone could encourage bears to press towards $4.484. That said, the weekly support areas marked on the chart should be watched closely.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

COPPER Four-HOUR PRICE CHART (April 3 – May 18, 2020)

Copper four hour price chart 18-05-20

From the four-hour chart, on April 23 Copper corrected its uptrend and created a lower high at $5.210. Later on, the market rallied and traded in a bullish channel. On Thursday, the price rebounded from the lower line of the channel then reversed higher eyeing a test of the higher line.

A break above $5.376 may cause more bullishness towards $5.463. Although, the weekly resistance level printed on the chart should be kept in focus. In turn, any break in the other direction, i.e. below $5.113 could send Copper towards the low end of the current trading zone discussed on the daily chart. However, the daily support level underlined on the chart should be monitored.

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

Written By: Mahmoud Alkudsi,Market analyst

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.

DISCLOSURES

News & Analysis at your fingertips.