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Copper may have found some support

Copper was rallying on the back of great fundamentals out of China, which is one of the biggest consumer of the industrial metal. The bearish pullback on copper around the middle of September was stalled by the 55 day EMA from where the price of copper bounces to the upside. The commodity rallies to the 325.86 level from where it bounces to the downside. The most recent pullback on copper has taken the price to the 307.00 level, which is trying to act as a support. The 317.84 has acted again as a resistance, but copper falls back to the 307.00 level and the 55 day EMA. The price of copper may have found a support at the 55 day EMA as it did in September and it could bounce back to the upside. In case of a bullish bounce, the 317.84 level could act as a resistance, and in order to keep its bullish trend it must break above the 325.86 level.

Extreme consolidation on gold

On many occasions the financial assets could enter into a well-defined range in a consolidation that could last a prolonged period of time like in gold. On the daily chart of gold we can see that the price of the precious metal has been consolidated between the 200 day EMA as support around the 1267 level and the 55 day EMA as resistance around the 1283 level during the last 10 sessions. Inside such range, we could try to trade by buying at the support of the 200 day EMA or selling at the resistance of the 55 day EMA, however we could risk having the price take off in any direction and leaving us on the wrong side of the trade. If there is a bullish breakout, then its closest resistance is at the 1300 level, but a breakout above the 1300 level could take the price to the peak at the 1357 level. To the downside, a bearish breakdown of the 200 day EMA would open the road for the price to drop all the way to the 1204 level or the 1200 level with some minor pullbacks on the way down. 

The Euro could not break support

The Euro versus the Dollar continues finding some good support at the 1.1600 level without being able to break it to the downside, at the same time, the pair has not been able to bounce to the upside. On the daily chart we can see that the pair has tested the 1.1600 level on several occasions and as the EUR/USD touches more times the 1.1600 level, the probabilities of seeing a bearish break down rise. If the pair breaks to the downside, then its next support could be the 1.1500 where we can find the 200 day EMA. To the upside, the 1.1689 level has been a good support in the past and now is acting as a resistance. If the EUR/USD breaks above the 1.1689 level, its next resistance level could be the 1.1800 level. 

The Dollar at a key resistance

The Dollar index has reached a very good resistance at the 95.00 level and it has not been able to break that level to the upside as shown on the daily chart. The Dollar gained strength this Friday versus most of its counterparts as the NFP numbers came out somehow mixed. While the number of new jobs created came out lower than expected, the US unemployment level came down from 4.2% to 4.1%. The Dollar has been very volatile, but it has not taken a clear direction. Above the 95.00 level, its next resistance could be the 95.50 level, but the 96.00 level could also act as a resistance. To the downside, the 94.00 level is its closest support along with the 55 day EMA. The 93.00 level could act as a more relevant support on the index.

The Pound falls after the Bank of England’s rate decision

The Bank of England has risen its interest rates from 0.25% to 0.50% for the first time since 2007 when the financial crisis started. Even though the rate hike should have supported the Pound, the GBP/USD falls more than 200 pips from the 1.3300 zone to below the 1.3100 level as shown on the daily chart. The drop on the Pound is due to the fact that the Bank of England used a dovish language and said that the next rate hikes will be gradual. Additionally, it looks like the market had already priced in the current rate hike and the GBP/USD had no space to rally further. At the moment, the pair keeps its bearish momentum and it may possibly visit the 200 day EMA, around the 1.3000 zone where it could find some support. Below the 1.3000 level, its most relevant support is at the 1.2800 level. Above the 1.3100 level, the pair would be going back into the congestion area where it may consolidate for a longer period of time.

The bullish momentum on oil could accelerate

WTI oil has had a very good bullish momentum amid the continuation of production cuts of crude and the possibility of a rise in demand from China as the Chinese economy keeps expanding. WTI oil reaches a high around the 55.00 zone, level that was last touched on January 1^st of this year. If the price manages to break above the 55.00 level, then WTI oil would be entering a new bullish trend in the midterm. The MACD indicator is showing us that the bullish trend is gaining strength, therefore a bullish continuation of WTI oil is possible. If the price retraces to the downside for whatever reason, then its closest support level is at the 52.00 zone, followed by the 50.00 zone. The 55 day EMA and the 200 day EMA could also act as support.