Categories: Technical analysis

Wheat Wave Analysis – 04 August, 2020

• Wheat broke key support level 518.00

• Likely to fall to 500.00

Wheat recently broke below the key support level 518.00 (which stopped the previous short-term impulse wave (i), as can be seen below).

The breakout of the support level 518.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous sharp ABC correction 2 from June.

Wheat is likely to fall further toward the next round support level 500.00 (61.8% Fibonacci retracement of wave 2 from June).

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
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