TomProTrader

USDCLP:Watch Closely For Reversal Against Copper In Near Future!

FX_IDC:USDCLP   US DOLLAR / CHILEAN PESO
178 4 4
Traders

This analysis won't be effective immediately, and it may take some time for set ups to occur, this is a watch list situation traders.

With Copper             potentially reversing, we could find an opportunity to short Chilean Peso as well. This can be done in a way where we can easily offset risk in trading long, short here. Chilean Peso today has shown weakness as Copper's correction is still in progress... A bigger correction in Copper             could mean a good trade here against the Chilean Peso counterpart, and could result in a nice investment.

Copper             , is still in reaction, and we are hoping for a high close today in copper             to confirm the reversal off the morning star signal, that will bring copper             out of the lows it's been in for so long.

When Copper             confirms, we will wait, and validate potential shorting areas in Chilean Peso too.

Copper             has been struggling, and is in an area of major lows of 6 or so years... Something to bear in mind when deciding this trade..

Best of luck,
Tom
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Love the correlation betwen Copper and the Peso, a new one for my list, cheers!
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Yep, this Tom fellow right here knows his stuff. ;)
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Yes, been watching. AUDUSD long is in the cards. (I'm long audcad and audusd actually).
Great stuff Tom.
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Yes NZDUSD and AUDUSD are suspect for longs now. NZDUSD could be fruitful if copper pushes harder. DXY could do with a push too. Might help with those trades.
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