Wave Tech Analysis

FxPro Forex Analysis: Soy Wave Analysis – 13 July , 2018

• Soy broke multi-year support level 8.5100
• Likely to fall further

Soy recently broke below the powerful, multi-year support level 8.5100, which has been repeatedly reversing the price from the end of 2015, as can be seen from the weekly Soy chart below.

The breakout of the support level 8.5100 should further accelerate the already sharp medium-term impulse wave (C) from February.

Soy is likely to fall further and re-test the next support level 8.0000. Strong resistance now stands at the aforementioned price level 8.5100.

SOYUSD - Primary Analysis - Jul-13 1809 PM (1 week)