Categories: Technical analysis

Amazon Wave Analysis – 27 July, 2020

o Amazon reversed from key support level 2920.00
o Likely to rise to 3225.00

Amazon recently reversed up from the key support level 2920.00 (which stopped the (a)-wave of the active ABC retracement (iv) at the start of July).

The support zone near the support level 2920.00 was strengthened by the 61.80% Fibonacci retracement of the previous upward impulse (v) from June.

Amazon is likely to rise further toward the next resistance level 3225.00 (top of the previous minor correction (b)).

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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The FxPro Tech Analysis Team
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