Here we can see the market completing a textbook example of a 5 wave declining sequence. As mentioned in the previous USDSGD idea (see attached: "Tracking a zigzag leg in USDSGD") a typical retrace will often retrace 38.2% of the previous leg. In our case here this is all the way up at 6.788.
Anything up till here should be viewed as corrective inside an underlying downtrend. The bears are in full control here and there is a good chance we will see another 5 waves down overtime. Whilst to the topside we would need to see this break through 6.80 with force to put question marks in confidence for the underlying bias.
Best of luck all those trading and navigating around the final stages in the US-China trade war.