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Sugar Wave Analysis – 15 January, 2019

  • Sugar reversed from key resistance level 1.5280
  • Further losses are likely

Sugar today broke the pivotal resistance level 1.5280 (top of the Falling Star from December) – which was proceeding by the breakout of the resistance trendline of the daily down channel from October.

The breakout of the resistance level 1.5280 should accelerate the active short-term impulse wave 3 from the start of January.

Sugar is expected to rise further and re-test the next resistance level 13.20 (top of the previous corrective wave (b) from the end of November).

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Source: FxPro


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