Categories: Technical analysis

Soy Wave Analysis 31 December, 2020

• Soy broke resistance level 1300.00

• Likely to rise to 1350.00

Soy recently broke above the resistance level 1300.00 – coinciding with the resistance trendline of the daily up channel August.

The breakout of these resistance levels signalled the acceleration of the already quite sharp uptrend inside which soy has been moving from May.

Soy is expected to rise further to the next round resistance level 1350.00 (forecast price for the termination of the active impulse wave (3)).

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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