September 24, 2020 at 03:19PM
• Soy broke daily up channel
• Likely to fall to 986.00
Soy continues to fall inside the sharp downward correction 4, which started earlier with the daily Bearish Engulfing from the key multi-month resistance level 1040.00.
The price today broke the support trendline of the daily up channel from August – which should accelerate the downward movement of this instrument.
Soy is expected to fall further toward the next support level 986.00 (low of the previous short-term correction (iv) and the target price for the completion of the active wave 2).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/soy-wave-analysis-24-september-2020-20200924/
Selected by fonecable.com
- Australian Dollar Forecast: Major AUD/NZD Bottom May Soon Be Approaching
- British Pound Slips After Data, Still Tied to Range. Can GBP/USD Break Out Ahead of FOMC?
- How to Research Stocks: A Step by Step Guide
- Gold Price Outlook Turns to UofM Sentiment as US Dollar, Treasury Yields Rally
- New Zealand Dollar Outlook: NZD/USD Drops on US Dollar Bids, Wall Street Losses