Categories: Technical analysis

Cotton Wave Analysis – 24 August, 2020

• Cotton broke key resistance level 64.60

• Likely to rise to 66.50

Cotton recently broke the key resistance level 64.60 (which stopped the two previous waves (A) and 1, as can be seen below).

The breakout of the resistance level 64.60 should accelerate the active impulse waves (iii), 3 and (C).

Cotton is likely to rise further toward the next resistance level 66.50 (target price for the completion of the active short-term impulse wave (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.

Share
Published by
The FxPro Tech Analysis Team
Tags: COTUSD

Recent Posts

Hang Seng meltdown

The Hang Seng Index has fallen 20% from its peak, marking the start of a…

29 seconds ago

SP500 quiet correction

The S&P500 reached the 6000 mark but faced resistance due to fatigue and dollar appreciation.…

20 mins ago

The third day of Crypto cooling off

The crypto market has continued to cool down for the third day, with a 1.7%…

3 hours ago

GBPUSD Wave Analysis 14 November 2024

- GBPUSD reversed from strong support level 1.2665 - Likely to rise to resistance level…

17 hours ago

USDCAD Wave Analysis 14 November 2024

- USDCAD broke resistance level 1.3950 - Likely to rise to resistance level 1.4050 USDCAD…

17 hours ago

The dollar has reached range limits

The US dollar has strengthened, reaching the upper boundary of its trading range. The British…

20 hours ago

This website uses cookies