March raw sugar settled down 0.04 cent, or 0.2%, at 18.26 cents per lb. The contract gained 0.5% in the week.
Dealers said the market remained underpinned by the recent strength of energy prices, which increases the incentive to use cane to produce biofuel ethanol rather than sugar, particularly in top exporter Brazil.
The price of sugar seems to have changed it overall bias to the upside after price refuses to go lower thereby breaking previous high to the upside. We could see that price is retesting the support zone between 18200 and 18039 and the 50 EMA before a likely continuation of price to the upside. The RSI and MACD are above the centreline for added confluence.
Bitcoin’s correction stopped for now at a crucial level around $42,000, which was the January 2021 all-time high. Most altcoins have also stalled or displayed minor gains.
From the overview of price in SOLUSD , we could see that price has made a deep pullback after initially breaking off of the downward trendline. Price may likely retest the resistance zone between 90.8175 and 83.7100 before pushing to the upside. The RSI is almost oversold.
The overall direction of price is in AUDCAD is bullish. Price is currently at the support zone between 0.90693 and 0.90481. There seem to be confluences between the 50 EMA and FIBO golden retracement level within the support zone. A double bottom candlestick confirmation would be an added confirmation of price continuation to the upside. The RSI and MACD are above the centreline for added confluences.