Based off my technical analysis USDSGD has been overall bearish ( measured from monthly chart ) Using my fibs tool the bullish move was only a retrace to 38.2 fib level (measure from weekly chart ). You can see I have my bullish trend line measured. That trend line was broken through, which is a signal for a good sell move. Price also failed to break through resistance level. A double top reversal pattern was also formed at the resistance level. Take profit area can possibly be around 1.31545. Lastly price has to retraced near the double top neckline and where it broke the bullish TL. This will mean that price will be good to buy up until 1.3500 area.
If you agree with my analysis please like or comment your input.
Price recently came in contact with a widely respected support zone at 1.32. Out of the three previous touches all continued to the upside. Using fib lvls on the most recent high and low on the daily tf, price has currently shown rejection from the 0.5 fib lvl. Should this continue could be in for another bullish run.
Donajor8
⋅
@NathanielBodu, I don’t watch this pair nor did I need to look at it to know there’s always 2 sides to a trade so u maybe right or she. But what I do know is based off of how we trade over here n we are very accurate we use market psychology as our first principal. Market psychology is the emotions on how the bulls and bears will respond to each other aggressive based off of historical behaviors. An example of this is the ouch respond when Shockingly bumping into something alarmingly even if the action of the bump didn’t hurt. Thus we expect a market to respond similarly . So a market has a strong affiliation to break the rejection after the 3 test of support or resistance with respect to time. So when u say it 3 touches that continued to the upside that looks bullish to u but to us based off of price historical movements the move favors a bearish outcome more.. but gl
NathanielBodu
⋅
@Donajor8, v true, just waited to catch those bulls per my trading plan