• Soy broke round support level 1500.00
• Likely to fall to support level 1450.00
Soy currency continues to fall after the price broke sharply through the support area lying between the key round support level 1500.00 (which has been reversing the price from the end of April) and the 61.8% Fibonacci correction of the previous sharp upward impulse from the start of April. The breakout of this support zone accelerated the active short-term impulse wave C.
Given the worsening risks sentiment as seen across the commodities markets today – Soy can be expected to fall further toward the next support level 1450.00 (former resistance level from March and eth target price for the completion of the active short-term impulse wave C).