Categories: Technical analysis

Cotton Wave Analysis – 21 June, 2019

  • Cotton broke key support level 64.80
  • Further losses are likely

Cotton recently broke sharply below the key support level 64.80 (which stopped the previous impulse waves (1) and 1 – as can be seen below).

The breakout of the support level 64.80 accelerated the active medium-term impulse wave (3) form the end of May.

Cotton is expected to fall further in the active impulse waves 3 and (3) and retest the next support level 62.00.

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.

Share
Published by
The FxPro Tech Analysis Team
Tags: COTUSD

Recent Posts

USDJPY Wave Analysis 26 April 2024

- USDJPY broke key resistance level 155.00 - Likely to rise to resistance level 160.00…

23 hours ago

Ebay Wave Analysis 26 April 2024

- Ebay reversed from support level 49.35 - Likely to rise to resistance level 52.55…

23 hours ago

False Alert with Yen Interventions?

Even though the Bank of Japan left the key rate and parameters of the QE…

1 day ago

Cooler Bitcoin

Market picture  Market Dynamics: The cryptocurrency market stabilised, losing just 0.1% of capitalisation and dropping to…

1 day ago

GBPCAD Wave Analysis 25 April 2024

- GBPCAD reversed from key support level 1.6910 - Likely to rise to resistance level…

2 days ago

GBPAUD Wave Analysis 25 April 2024

- GBPAUD reversed from support level 1.9135 - Likely to rise to resistance level 1.9360…

2 days ago

This website uses cookies