Amazon Wave Analysis – 4 October, 2019

Amazon reversed from support area
Likely to rise to 1700.00

Amazon previously reversed up from the support area located between the support level 1700.00, lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from December.

The upward reversal from this support area stopped the previous short-term impulse wave 3.

Amazon is expected to rise further and retest the next resistance level 1700.00 (former strong support from August).

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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