THE BIG PICTURE: For this chart there are a couple fib levels that around which price is trading. The Singapore Dollar is approaching a long term level which was support in 1994 and held for a couple years. That level was finally broken with conviction in 2010 and as the saying goes, the old level which was support is now expected to provide resistance. Nevertheless there are a couple of fib levels that come into play at just about the same level. The first thing is to take the fib extension tool and apply it to points A, B, and C to show price currently approaching the 50% level from beneath. This old level also ties with the fib extension tool if it applied to points B, C and D. Note for this combination that the price is currently approaching the 38% level. Consider these three elements as a basis for the short bias should the resistance level hold.
THE TECHNICAL STANDPOINT: Symmetrical levels are holding the price for the moment. As price is able to stay below the resistance level then the focus should switch to lower time frame charts in the anticipation of short setups to trigger. A crucial aspect of this is the intermarket framework that will evolve along with this pair moving lower. This idea ties into the DXY short scenario as well.
THE TECHNICAL STANDPOINT: Symmetrical levels are holding the price for the moment. As price is able to stay below the resistance level then the focus should switch to lower time frame charts in the anticipation of short setups to trigger. A crucial aspect of this is the intermarket framework that will evolve along with this pair moving lower. This idea ties into the DXY short scenario as well.
