Copper, Daily
Copper, a key industrial metal, bounced from June lows on Wednesday (July 10), breaking the 20-day moving average. It held gains into the end of last week as the USD weakened. The move has followed through today (July 15) on the back of better than expected Chinese Industrial Production data.
The engulfing nature of the July 10 candle was a strong bullish signal. The move from Wednesday’s close has already moved 50% of the Daily ATR and has an initial target at R2 and 2.7311. However, there is a strong resistance zone around 2.7000 which includes the confluence of R1, the 50-day moving average, and the 23.6 Fibonacci level. A break of R2 would then put the July high and 38.2 Fibonacci level at 2.7525 in sight, with further resistance at the 200-day moving average and the 50.0 Fibonacci level at 2.8000.
The low last week was first established following the steady declines from the April congestion zone over 2.900. The current key support zone around 2.6200 was also in play during January following the 2019 low on January 3 at 2.5740. The Oscillators (MACD and Awesome Oscillator) remain below the key Zero line and RSI at 46, although rising, is in the neutral zone.
Recommended Content
Editors’ Picks
EUR/USD extends the rally toward 1.1000 on sustained US Dollar weakness
EUR/USD extends the advance toward 1.1000 in the European session on Wednesday. The US Dollar continues to weaken across the board as US President Trump's reciprocal tariffs kicked in and aggravated economic concerns. Traders keep a close eye on trade talks and Fed Minutes for fresh cues.
GBP/USD holds firm near 1.2850 amid softer US Dollar
GBP/USD holds gains near 1.2850 in European trading on Wednesday. The pair’s uptick is supported by a sustained US Dollar weakness as investors remain wary over the impact of the escalating global trade war on the US economic prospects. Tariff updates and Fed Minutes are next in focus.
Gold price builds on strong intraday gains; bulls retain control near $3,050 area amid risk-off mood
Gold price climbs back closer to the $3,050 area during the early European session on Thursday as worries that an all-out global trade war would push the world economy into recession continue to boost safe-haven demand.
Bitcoin, Ethereum and Ripple target $73,000 BTC, $1,300 ETH, and $1.30 XRP
Bitcoin price hovers around $76,200 on Wednesday after falling 3.59% the previous day. Ethereum and Ripple followed BTC’s footsteps and continued their downward trend.
The Fed is looking at a hefty price level
We are still in thrall to tariffs, the faux-macro “data” driving markets. The WSJ editorial board advised other countries to take their tariffs to zero so that Trump’s “reciprocal” tariffs will have to be zero, too. Cute, but no cigar.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.