For the channel enthusiasts, we got an intermediate term top upper barrier above, in the area of very strong resistance, which I derive from my own techniques (not the channels or fibonacci, but what Tim West taught me).
This pair is under constant control, since it's a managed float, and based on the technical elements I suspect they will shrink the exchange rate fluctuation band soon.
I'll update once I see a clear short setup with defined risk and reward variables, and a high probability.
Hope everyone has a good weekend, cheers!
" MAS will continue to be vigilant over developments in the external environment and their impact on the domestic economy, and stands ready to curb sharp movements in the S$NEER"
I expect the April MAS intervention to help this pair correct, and send the USDSGD down.
Timeframe for my correction was 3 weeks or less...March has exactly 2 weeks left as of today.
I'll update with an aggressive entry setup once the time is due.
The trade entry I posted is a potentially very good one if this trade evolves like I suspect it will.