Structure indicates we will have a continuation of downtrend and breakout from triangle. The other posibbilty is we might have another up move and begginning of new trade. Either way is good opportunity to trade...
The following are some charts that have my current thinking on wheat on them which includes monthly, weekly, daily, and 4hr. Weekly: Daily: 4hr:
Trade against big downtrend at OANDA:WHEATUSD Trade for December 2016
I predict a short of a minimum of 85 pips currently??....
Bullish move is confirmed by volume and MAs. I believe wheat will make about a 12% upward move in the next month. The target is a confluence level of 0.618 and volume value area.
Price is within a tight sideways channel. Short resistance and buy support, until it stops working.