A trader I follow, @faaaal , brought to my attention the pivotal level that Copper is at. I found the daily chart to be particularly interesting as we are consolidating below the daily triangle breakdown point. You can see the longer term here:

If you focus in a little closer, this is what you see:

I don’t trade copper, but I do trade the AUD currency, which tends to be influenced by copper from time to time. Currently, I am long the AUD on a cross, so I will be watching copper very closely.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I have no position in copper and do not plan to in the coming days.