Categories: Technical analysis

Wheat Wave Analysis – 12 May, 2020

• Wheat reversed from resistance zone
• Likely to fall to 505.80

Wheat recently reversed down from the resistance zone located between the key resistance level 524.31 (former strong support from April) and the 38.2% Fibonacci retracement of the previous downward impulse from April.

This resistance area was further strengthened by the resistance trendline of the daily down channel from March.

Wheat is expected to fall further toward the next support level 505.80 (former support from the start of May).

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: WHTUSD

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