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 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,
- Telegram: @Tomprotrader
- Email: Tomprotrader@gmail.com
Public Telegram Channel: https://t.me/Tom_Pro_Trader