The US Dollar
versus the Singaporean Dollar is currently visiting an important resistance
level around the 1.3242 area. If the price bounces to the downside from this
zone, a double top pattern may formed. The double top pattern is a bearish
reversal pattern and the price may try to go and test the confirmation line of
the pattern which is the 1.3000 level. Besides the 1.3000 level, we also see
around that area the 55 exponential moving average on the daily chart. We
should wait and see if the price bounces to the downside from current levels
and drops to the 1.3000 area or if it breaks the resistance at the 1.3242 level
and shows a pullback for a possible long entry.
I rarely trade this pair, I will keep eye on it.
ReplyDeleteIt rarely occurs to me to take a look at this pair, but this is a good tip. Thanks!
ReplyDeleteIt´s a very good question!
ReplyDeleteIt's a critical point.
ReplyDeletePrice has broken up four year highs.
Great analysis, thank you.
ReplyDeletegreat analysis
ReplyDeleteThanks!
ReplyDeleteI will keep eye on any further development on this pair.
ReplyDelete