Trading Insights: Wheat prices about to break higher?

Commentary & insights

• Wheat prices in focus as Russian Black Sea gain deal ends on July 17th
• Wheat vs the USD dollar up +23% last 30 days

Wheat vs USD breaks above 10 month trendline implying the end of the prevailing downtrend.

Wheat USD current price is above its 10 month downward trend line, current price is above its 4, 9 and 18 day moving averages, MACD is above equilibrium, and RSI is pointing higher indicating that the prospects for higher prices remains.

Current price $747.29 Upside prospects for $825 Downside risk below $680

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Today’s economic calendar

Source: TradingView / J. Knobel June 23 2023 6:45 UTC

Spanish Gross Domestic Product (GDP) beats forecast:

Spain's GDP jumps 0.1% over the last 3 months

Asset focus: Spain 35 Index bullish conditions remain

Spain 35 (weekly chart) suggests that the index remains in an uptrend. Current price is above its 52 week upward trendline (bullish), current price is above its 13 week moving average (bullish), both the 13 week and 6 week rate of change indicators are above their respective zero lines (bullish), thereby from a medium term (26-49 days) technical point of view long positions could be support for potential upside extension towards the 10,190 area, while downside risk is seen below the 9,245 support (see chart).