Categories: Technical analysis

Sugar Wave Analysis – 30 July, 2019

  • Sugar reversed from support zone
  • Further gains are likely

Sugar recently reversed up sharply from the support zone lying between the key support level 11.40 (monthly low from May) and the lower daily Bollinger Band.

The upward reversal from this support zone started the active medium-term impulse wave (3).

Sugar is expected to rise further and retest the next resistance level 12.750 – which coincides with the resistance trendline of the daily down channel from last October.

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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The FxPro Tech Analysis Team
Tags: SUGUSD

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