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FxPro Forex Analysis: Sugar Wave Analysis – June 29, 2018

Sugar reversed from support zone
• Likely to rise further

Sugar recently reversed up from the support zone lying between the key support level 0.1165 (which has been reversing the price from the start of June, as can be seen below), lower daily Bollinger Band and the 50-day moving average.

The aforementioned support zone was further strengthened by the support trendline of the daily up channel from May and by the 50% Fibonacci correction of the previous upward impulse wave (1).

Sugar is likely to rise further and re-test the next resistance level 0.1250 (top of the earlier impulse wave 1 from eth start of June).

SUGUSD - Primary Analysis - Jun-29 1547 PM (1 day)

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