Demand around 1.5400 levels indicating good buying opportunity, but on daily demand stop loss (1.5300)is too wide.
it would be better to trade from H4 Demand area. This is the first time I am planning take trade on this pair
I like SGD pairs because they have clear wave structures. Sometimes the majors are very confusing because they are too manipulated.
Im closely following this pair last months (see related ideas)
According to this EW count price is forming a long term zigzag (ABC blue)
Right now price is making a perfect correction.
- 0.61 fib retracement
- 1.61 fib extension
-...
I think the correction for wave 4 circled blue is still not complete.
Right now price is making a 0.61 fib retracement for wave B red
Last ideal target would be the trendline support and previous wave 4 of lower degree.
Bearish divergence on MACD shows price is exhausting.
Happy weekend.
