Categories: Technical analysis

Copper Wave Analysis – 23 January, 2020

  • Copper broke key support level 275.00
  • Likely to fall to 270.00

Copper under bearish pressure after the earlier breakout of the key support level 275.00 (which stopped the previous short-term correction (iv) at the start of January).

The breakout of the support level 275.00 should accelerate the active medium-term impulse wave (3)  – which started earlier from the major resistance level 285.00.

Copper is likely to fall further toward the next support level 270.00 (former strong resistance from September and November).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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