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FxPro Forex Analysis: Wheat Wave Analysis – 07 August , 2018

Wheat reversed from powerful support area
• Further gains are likely

Wheat recently reversed up sharply from the powerful support area lying between the key support level 550.00 (former multi-month resistance from May) and the 38.2% Fibonacci correction of the previous upward impulse (1).

The upward reversal from this support area started the active medium-term impulse wave (3) – which belongs to the long-term impulse wave ③ from the end of June.

Wheat is likely to rise further and re-test the next key resistance level 590.00 (top of the previous impulse wave (1)).

WHTUSD2 - Primary Analysis - Aug-07 1414 PM (1 day)

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