USDSGD 1hr Reverse Head and Shoulder

USDSGD forming reverse head and shoulder (libra) on the 1hr chart

Comment:

Double top forming on 1hr. It could be a short instead if the current candle breaks below the neckline

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Finally broke out of channel after moving sideways for weeks

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USDSGD broke out of channel and range. Currently holding steady above 1.4 before the French election. The Euro has a 2/3 chance of falling after the election with a Macron win already priced in and possible Le Pen upset. From there, I expect DXY to take a new trend with USDSGD possibly reaching as high as 1.48

TP1: 1.412
TP2: 1.423
TP3: 1.437
TP4: 1.454 and beyond

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Watch out for a potential retrace to 1.40, longer trend is still towards 1.43

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If 1hr pin bar holds, probability will lean towards a breakout/ consolidate before upwards.

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1.411 and going strong

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First target hit. Now onto the next target 1.423

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USDSGD retracing to 618 of May8th to May 11th uptrend at 1.406. Good to long the pullback.

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USDSGD touched 618

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Congrats to those who took the short setup from 1.409 (May 11th) for a quick profit. USDSGD has now retest the upper channel and bounced. I suspect that it will range along the upper channel before going up (replicating the pattern from April 10th.

Comment:

Zooming in, looks like USDSGD is retesting the channel. However, don't really like what I'm seeing. Dollar is weak and there is no catalyst for it to get stronger. Dollar bulls will go to sleep until signs shows that bears are exhausted.

Trade closed manually

Comment:

USDSGD retest channel trend line. Gravestone doji on the 1hr chart. That being said, the overall tone for dollar is negative. Best to wait to watch.

Comment:

Sorry, wrong chart (again). My bad