Soy Wave Analysis – 30 April, 2020

Soy beans on wooden spoon

Soy broke resistance area
Likely to rise to 860.00

Soy today broke the resistance area lying between the key resistance level 847.90 (former support from the start of April) and the 38.2% Fibonacci retracement of the previous medium-term impulse wave (C) from March.

The breakout of this resistance area should strengthen the bullish pressure on this instrument.

Soy is expected to rise further toward the next resistance level 860.00 (61.8% Fibonacci retracement of the aforementioned impulse wave (C)).

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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