TheBulltrader

USD/SGD huge resistance zone

Short
OANDA:USDSGD   U.S. Dollar / Singapore Dollar
Went short yesterday and added to my position. The currency has now gone below the 200 and 50 moving average on the 15 minute chart. This IS a BIG zone and right now the Risk to Rewards is nearly 2x reward. Initial take profit area is at .382 fibbonnaci at 1.373 but overall I am looking for near 50% retracement at 1.3630. With potential double top, I see this as higher probability trade on the daily and weekly timeframe.
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