Categories: Technical analysis

Wheat Wave Analysis 22 March, 2021

• Wheat reversed from support zone

• Likely to reach resistance level 640.00

Wheat recently reversed up from the support zone located between the key support level 625.00, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse 1 from December.

The upward reversal from this support zone stopped the previous ABC corrective wave 2.

Wheat is likely to rise further toward the next resistance level 640.00 (former multi-candle support from the start of March).

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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