Copper Wave Analysis – 17 April, 2020

Copper broke resistance zone
Likely to rise to 240.00

Copper recently broke the resistance area located between the pivotal resistance level 230.00 (which stopped the previous impulse wave (i)) and the 50% Fibonacci correction of the downward impulse from the start of March.

The breakout of this resistance zone is set to accelerate the minor (c)-wave of the ABC correction 4 from last month.

Copper is expected to rise further toward the next resistance level 240.00 (target price for the completion of the active ABC correction 4).

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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Tags: CUUUSD

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