Technical Update - Wheat prices in decline testing key support. Corn and Soybeans range bound. Coffee on the rise| FXMAG.COM

Wheat is in a confirmed down trend closing below 1,034 support yesterday. RSI below 40 and testing key support at 972. A Daily close below is likely to fuel further sell off down to around 900-887. To reverse the bearish picture Wheat must close above 1,109.

Read our Commodities specialist, Ole Hansen's report about the background here: https://www.home.saxo/content/articles/commodities/finally-some-good-news-as-food-prices-ease-21062022

Source: Saxo Group

Soybeans has been range bound for the better part of 2022. A range that needs to be broken for direction.

Source: Saxo Group

Corn couldn’t stay above the falling trend line after bullish break out last week. RSI is still showing bearish sentiment indicating Corn to weakening further. 725 is key support that is likely to be tested.
If Corn prices again breaks above the upper falling trend line RSI must confirm the uptrend by closing above 60 threshold. If it doesn’t it could be another false bullish break. If that scenario plays out 825 is in the cards.

Source: Saxo Group

Coffee is technically in a short-term uptrend. RSI positive sentiment. Coffee is likely to test 242. If it closes above February highs at around 260 is likely to be reached.
For this bullish scenario to be demolished and reversed a close below 218 is needed.

Source: Saxo Group

Source: Technical Update - Wheat prices in decline testing key support. Corn and Soybeans range bound. Coffee on the rise | Saxo Group (home.saxo)

Kim Cramer Larsson

Kim Cramer Larsson started his career in 1996 as an equities trader focusing on the US and Asian markets with BG Bank, London. In 1997, Kim relocated to BG Bank, Copenhagen (BG Bank was acquired by Danske Bank in 2000) to the position of equities trader and portfolio manager.

Kim began using technical analysis as a trading tool from 1997. In 2005, Kim was promoted to the position of technical analyst in the FX & Fixed Income Research department at Danske Bank. In his current role, Larsson focuses on technical analysis of equities, equity indexes, forex pairs, and more for Saxo Bank. Larsson’s views and analyses can be found on Saxo’s News & Research hub as well as at Saxo’s Academy where he hosts webinars focusing on chart analysis.