USD/SGD - Closing in on strong support near 1.3300
It has been a while since I last updated USD/SGD and as it's close to strong support near 1.3300 it's about time to do so.
USD/SGD saw a nice five wave rally from the August 2011 low at 1.1994 to 1.4546 in January 2017. The following decline from 1.4546 is clearly in three waves and is now closing in on strong support near 1.3300, which should be able to protect the downside for at least a correction and possibly the start of the next impulsive rally to above 1.4546 in wave C.
For now keep you attention towards the downside for a move closer to 1.3300, but don't fall in love with the downside as a major bottom is expected shortly. We are not quite there yet, but we are close.
It has been a while since I last updated USD/SGD and as it's close to strong support near 1.3300 it's about time to do so.
USD/SGD saw a nice five wave rally from the August 2011 low at 1.1994 to 1.4546 in January 2017. The following decline from 1.4546 is clearly in three waves and is now closing in on strong support near 1.3300, which should be able to protect the downside for at least a correction and possibly the start of the next impulsive rally to above 1.4546 in wave C.
For now keep you attention towards the downside for a move closer to 1.3300, but don't fall in love with the downside as a major bottom is expected shortly. We are not quite there yet, but we are close.