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XCU/USD (Copper) Potential Upward Movement

XCU/USD (Copper) Long-Term Trend: Bullish

Key Resistance Levels: 4.4600, 4.5955, 4.6000

Key Support Levels: 4.3420, 4.2495, 4.2400

Daily Chart:

The price on the higher time frame failed to break the 4.3420 USD mark, and a correction count has been posted. We expect a reversal in this move and an upward wave to the 4.4600 USD mark.

XCU/USD (Copper) Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price is traded inside a bullish flag formation. A lower correction is expected to the 61.80% Fibonacci retracement level which coincides with a strong support around the 4.3420 USD mark. This could lead to a reversal and a move to the upside.

Signal Idea:

Buy Limit Order @ 4.3460

TP 1 @ 4.4560

TP 2 @ 4.4600

Stop Loss @ 4.3010

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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