FOREXCOM:USDSGD   U.S. Dollar / Singapore Dollar
#midterm trading idea

as you can see price recently test a very important static support area which has been tested 3 times before from above.
price took out liquidity from the lowest low of 3 bounces and failed to close below an arrow that we have on the chart. also if you check weekly timeframe you can see also price tested a 200 EMA as well and didn't close below EMA neither.

for taking this position:
1- we need a bullish engulfing candle which shows that bulls are back.
2- a bearish corrective to test supporting area
3- taking a position in direction of the primary trend which base on DOW theory is still intact and we still dealing with bullish market.

it is important also to have a look at DXY chart to make sure it holds above 104.620

trading idea is invalid if:
1- price close below 104.620 on DXY on Daily timeframe
2- price close below 1.3659 on USDSGD on Daily timeframe

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.