Categories: Technical analysis

Corn Wave Analysis – 28 August, 2019

  • Corn broke the key support level 357.00
  • Further losses are likely

Corn recently broke the key support level 357.00 – which stopped the previous sharp short-term impulse wave 1 earlier this month.

The breakout of the support level 357.00 continues the active impulse waves 3 and (3) – both of which belong to the long-term impulse wave ③ from July.

Corn is expected to fall further and retest the next strong support level 343.50 (monthly low from April and May).

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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Tags: CORUSD

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