Pattern: Triangle on 1W.
Signal: Bullish as the price is pulling back after near contact with the 1W MA50, which has been a bullish continuation pattern n 2016 and 2017.
Target: 5.700 (the bottom of the High Volatility Zone and inner Lower High trend-line).
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The pair marginally broke the 1W Support but so far only on a candle wick. Since it has rebounded back above that danger level, we can consider that the Support is holding. The 1W chart has turned nearly oversold (RSI = 27.767, MACD = -0.073, ADX = 36.545) and we treat this as the optimal buy opportunity for the long term.
The long term pattern is as you see a...
Pattern: 1D Channel Up.
Signal: Bearish as the price reached the 1W Resistance on a similar RSI sequence which previously delivered a drop.
Target: 5.7450 (above the 1D MA200).
The pair stopped the uptrend near the 1W Resistance Zone (5.77540 - 5.78100) with the 1D RSI hitting 74.000. Based on that we are expecting a rejection to the nearest Support which is 5.71500.
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TP = 5.6600 hit as the 1D Channel Down expanded but on a lower gradient (MACD = -0.006, B/BP = -0.0102) with RSI and Highs/Lows neutral. Nevertheless there are two optimal short opportunities presented on the chart depending on which pattern prevails. TP = 5.63050.
SGDHKD is on a 1D Channel Down formation (MACD = -0.016, B/BP = -0.0239) that is near printing its new Lower High (RSI = 48.006, Highs/Lows = 0). Even the 1W pattern indicating a long term selling pressure (Highs/Lows = -0.0442, B/BP = -0.1618, RSI = 38.403). We are taking a short, TP = 5.6600 but on the first sign of a bounce on 5.7088, we will book the profit earlier.
