Categories: Technical analysis

Soy Wave Analysis – 15 March, 2019

  • Soy reversed from support area
  • Further gains are likely

Soy recently reversed up from the support area lying between the pivotal support level 890.00 (which has been reversing the price from the middle of January) and the 38.2% Fibonacci correction of the previous upward impulse from February.

The upward reversal from this support area started the active short-term correction 2.

Soy is expected to rise further and re-test the next resistance level 925.00 (which has been steadily reversing the price from the end of November).

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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The FxPro Tech Analysis Team
Tags: SOYUSD

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