Categories: Technical analysis

Cotton Wave Analysis – 05 April, 2019

  • Cotton broke resistance area
  • Further gains are likely

Cotton recently broke through the resistance area lying at the intersection of the key resistance level 77.30 (which reversed the price in March) and the 61.8% Fibonacci correction of the previous downward impulse from December.

The breakout of this resistance area accelerated the active short-term impulse wave 3.

Cotton is expected to rise further and re-test the next resistance level 81.00 (monthly high from December and the target price for the completion of the active impulse wave 3).

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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: COTUSD

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