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Wave Tech Analysis

FxPro Forex Analysis: Sugar Wave Analysis – 31 July , 2018

Sugar broke major support level 10.80
• Further losses are likely

Sugar today broke below the major support level 10.80 (which stopped the previous sharp medium-term impulse wave (1) at the end of April, as can be seen from the daily Sugar chart below).

The breakout of the support level 10.80 is aligned with the active short-term impulse wave 3 which belongs to intermediate impulse wave (3) from the start of June.

Sugar is likely to fall further and re-test the next round resistance support level 10.00 (forecast price for the completion of the active impulse wave 3).

SUGUSD - Primary Analysis - Jul-31 1844 PM (1 day)