Categories: Technical analysis

Sugar Wave Analysis – 19 March, 2020

  • Sugar broke multi-month support level 10.70
  • Likely to fall to 10.00

Sugar recently broke sharply below the strong multi-month support level 10.70 (former yearly low from the middle of 2019).

The breakout of the support level 10.70 should further accelerate the active multi-week downward impulse sequence ③ from the start of this year.

Sugar is likely to fall further toward the next strong round support level 10.00 (which reversed the price sharply twice in 2018).

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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