Copper clocks 26-month high, sees inverse head & shoulders breakout

Omkar Godbole FXStreet Contributor

Comex copper jumped to 26-month high of $2.8049 in Asia on the back of optimism over China and Europe.

The red metal is well bid this morning in response to the IMF’s upward revision of the 2017 and 2018 China growth forecasts.

The Copper weekly chart shows a convincing inverse head and shoulders breakout. The neckline level stands at $2.779. The bullish reversal in copper could help the AUD/USD pair finally break above 0.80 handle.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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