Corn Wave Analysis 23 October, 2020

Ears of sweet corn

• Corn broke key resistance 415,00

• Likely to rise to 430,00

Corn today broke above the key resistance 415,00 (former August high from 2019, which was set as the likely upward target in our previous forecast for this instrument).

The breakout of the resistance level 415,00 should accelerate the active upward impulse wave (5).

Given the sharp daily uptrend – Corn is likely to rise further toward the next resistance level 430,00 (target price for the termination of the higher order impulse sequence III).

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

Tags: CORUSD

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