Categories: Technical analysis

Wheat Wave Analysis – 27 January, 2020

  • Wheat reversed from resistance area
  • Likely to fall to 553.80

Wheat recently reversed down sharply from the powerful resistance area lying between the multi-year resistance level 590.00 (which reversed the sharp uptrend in the middle of 2018) and the upper weekly Bollinger Band.

The downward reversal from this resistance area created the strong weekly Japanese candlesticks reversal pattern Shooting Star Doji – very strong sell signal for Wheat.

Wheat is likely to fall further toward the next support level 553.80 (former multi-month high from last year).

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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