About to bounce off the 4H Cloud again. Stop at 2.633 TP 2.73
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...
details on chart, stop at 2.565, Tp 2.65
Seems like it's still short situation on daily TF. SL above 2.6, target -- 2.3 or lower.
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.
Shorting on the multi hour frame. Taking profit from longs
On 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...
H1: 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 twitter.com
if 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
Copper 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.