The pair is trading since yesterday in sideways bias, and that allows the trading to settle below the moving average at 128.60, to keep our bearish overview in the near period to reach the support level at 126.60 which represents 50% Fibonacci.

There is a possibility to hit 129.05 which acts as resistance against the current trading, but the bearish expectations remain valid to reach the suggested target level, where Stochastic settles below 50 level supporting the expected negative overview, and the continuation of the bearish bias is conditioned by the stability of 128.20 against today’s trading.

Expected trading range is between 129.00 and 126.60

Expected trading range for today: bearish

The pair’s trading still moving below the ascending triangle, to confirm the expected intraday bearish bias to reach the main target around 149.60 for today, noticing the sideways trading range since yesterday to settle below the moving average 55.

The stability below the moving average 55 cancels the possibility of hitting the broken level at 152.70 for today, to be waiting for achieving 150.80 then 149.60, Stochastic supports the negativity by settling below 50 level as appears in the above chart.

Expected trading range is between 152.20 and 149.30

Expected trading range for today: bearish

In spite of breaching above 1500.00, but 50% Fibonacci – for the decline from 2299.90 to 745.40- at 1520.00 acted as an obstacle against the intraday rise, to witness stability around 1498.00.

Accordingly, we expect forming bearish wave in the near period if 1520.00 remains intact, but Stochastic remains in its bullish bias around 20 level, which makes the trading moves slowly before creating the bearish wave to visit 1460.00 then 1440.00 again.

Expected trading range is between 1520.00 and 1460.00

Expected trading range for today: bearish

By the above chart we notice that copper is stable in level near to the moving average affected by the stability of Stochastic around the overbought level, which supports the contradiction between the indicators keeping copper move in sideways range until getting clearer trend.

We remind you again that the main bias remains negative if the trading settled below the resistance around 3.3300, therefore the possibility of reaching this level is valid due to the effect of Stochastic, while the stability of the moving average makes us expect a decline reaches towards 3.1500

Expected trading range is between 3.1500 and 3.3300

Expected trading range for today: bearish