Categories: Technical analysis

Soy Wave Analysis – 24 February, 2020

  • Soy reversed from resistance area
  • Likely to fall to 870.00

Soy recently reversed down from the resistance area lying at the intersection of the round resistance level 900.00 (top of the previous correction 4 from January), upper daily Bollinger Band, former support trendline from 2019 and the 38.2% Fibonacci correction of the previous downward correction from December.

The downward reversal from this resistance area stopped the earlier impulse waves 3 and (3).

Soy is likely to fall further toward the next support level 870.00 (low of the previous corrections (4) and (C) from November and January).

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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