The Hourly View for Copper
- Currently, HG1’s price is down $0 (-0.07%) from the hour prior.
- This is a reversal of the price action on the previous hour, in which price moved up.
- As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe.
- The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Copper’s hourly price chart is shown below.
The Daily View for Copper
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- Copper has seen its price go up 5 out of the past 5 days, thus creating some compelling opportunities for bulls.
- Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 50 day moving average, resulting in them so that price is now turning above it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Below is a daily price chart of Copper.
Featured Copper Idea From TradingView
Below is a trading comment entitled The Australian Dollar Appears Oversold you may find interesting:
This week’s Federal Reserve meeting could ignite some activity in the currency market. The Australian Dollar, in particular, has some interesting patterns.First, stochastics on AUDUSD’s weekly chart have dipped to their most oversold level since February 2020. Next, consider how prices have returned to the 0.73 area where they peaked Aug. 31-Sept. 1. This is also near a monthly low from May 2017.Intermarket analysis could be interesting …
— TradeStation
The post Copper Rallies 0.1825, One of the Largest Moves Its Made in the Past 30 Days appeared first on CFDTrading.
This post first appeared on Complete CFD Trading Guide, News And Analysis, please read the originial post: here
