Categories: Technical analysis

Wheat Wave Analysis – 12 June, 2020

• Wheat reversed from support zone

• Likely to rise to 510,00

Wheat today reversed up from the support area lying between the multi-month support level 495,00 (which stopped the previous impulse waves (1) and 1 respectively) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the earlier short-term impulse wave 3 from the start of June.

Given the strength of the aforementioned support area and the oversold daily Stochastic – Wheat is likely to rise further toward the next resistance level 510,00.

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: WHTUSD

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