Categories: Technical analysis

Platinum Wave Analysis – 5 June, 2020

• Platinum broke support area

• Likely to fall to 800.00

Platinum recently broke the support area lying between the key support level 850.00 (which stopped the two previous waves (i) and (b)) and the 38.2% Fibonacci correction of the previous upward impulse (c) from the middle of April.

The breakout of this support area continues the active impulse wave (iii) – which belongs to the C-wave from May.

Platinum is likely to fall further toward the next round support level 800.00 (former resistance from the start of 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: PTUUSD

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