The rally for copper finally came to an abrupt halt yesterday as weak economic trade data news from China dealt the base metal a mortal blow, sending it plunging lower and closing the session with the wide spread down candle on very high volume, and signalling the end to the rally of September.
EURUSD recently broke below its descending triangle support at 1.1130 and has dipped to a low of 1.0988 before showing signs of a pullback. Applying the Fib tool on the latest swing high and low shows that the 61.8% Fibonacci retracement level lines up with the broken support, which might now hold as resistance.
USDCAD has been trending lower, moving inside a descending channel pattern on its 4-hour time frame. Price is now making its way close to the channel support near the 1.2700-1.2750 and might be due for a bounce.
Today’s Key Economic Data – Remember this morning we get the government’s non-Farm Payroll report today at 8:30am EDT.
Today’s Key Economic Data
Today’s Key Economic Data
Today’s Economic Key Data
USDCHF has been trending lower on its 1-hour chart, moving inside a descending channel and testing support. Price has formed a bearish flag right at the bottom of the channel around the .9600 major psychological support and might be due for a break lower.
Breaking News – Retail Sales and October Producer Price Index (PPI)
Break News – Jobless Claims and Producer Price Index economic reports.
You must be logged in to post a comment.