Categories: Technical analysis

Amazon Wave Analysis – 14 September, 2020

• Amazon reversed from support level 3080.00

• Likely to rise to 3300.00

Amazon earlier reversed up from the support level 3080.00 (former monthly low from August) – intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from June.

The upward reversal from the support level 3080.00 started the active shot-term impulse wave 3

Amazon is likely to rise further toward the next round resistance level 3300.00 (target price for the termination of the active sub-impulse wave (i)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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