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
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
Trade closed: stop reached