Wheat Wave Analysis – 21 May, 2019

Wheat broke resistance level 473.00
Further gains are likely

Wheat continues to rise after the recent breakout of the resistance area lying between the key resistance level 473.00 (monthly high from March and April) and the 50% Fibonacci correction of the downward impulse from February.

The breakout of this resistance area accelerates the active short-term impulse wave C from the middle of May.

Wheat is expected to rise further and retest the next round resistance level 500.00 (target for the completion of the active impulse wave C).

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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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