Categories: Technical analysis

Soy Wave Analysis 22 September, 2020

• Soy reversed from support zone

• Likely to rise to 1045.00

Soy recently reversed up from the support zone lying between the support level 1010.00 (top of the daily Shooting) and the 38.2% Fibonacci correction of the upward impulse from the start of this month.

The downward reversal from this support zone continues active intermediate impulse wave (3) – enclosed by the sharp daily up channel from August.

Soy is expected to rise further and re-test the next resistance 1045.00 (top of the previous short-term impulse wave (i)).

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: SOYUSD

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