This market is in a current dominant downtrend. Price action dictates an exhaustion in the short-lived uptrend correction and a continuation of the downtrend. The daily trendline aligns with the current price and the short trendline drawn using the 4hr and 1hr timeframe signifies a possible entry for a lengthy downtrend continuation for the week.
Potential Power of 3 reversal trade.
This is only the first touch of support zone and price could still go lower even if this pattern plays out.
Good luck.
Dollar is getting stronger while the stock market appears to pull back. It may take a few day to climb up, but it is worth to open a small position and add after consolidation.
USD TO SGD short term chance is coming,
20230127--USD/SGD (1.45-1.312)1.312=10.5%
moving 9.0%---- 10.5% in four month , rebound to 1.345---1.365 chance is high
DISCLAIMER : All labelling and wave counts done by me by manually and i will keep change according to the LIVE MARKET PRICE ACTION. So don't bias, hope on my trade plans...try to learn and make your own strategy...Following is not that much easy...I AM NOT RESPONSIBLE FOR ANY LOSSES IF U TOOK THE TRADE ACCORDING TO MY TRADE PLANS....THANKS LOT..CHEERS
price might be breaking away from what seems to be a bearish flag formation, also a small resistance turned support region (now again resistance, maybe). I'm waiting for rejection before entering on this short trade .
USDSGD Possible drop to support level.
Logic behind analysis :
1. Long term downtrend
2. Daily Bearish engulfer
3. 4H Head & shoulder on resistance with liquidity grab
Summary : A sell trade is high probable as per chart analysis.
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I expect a breakout of the designated resistance and an upward move.
The green last weekly candle also indicates future growth (I think).
TP around 1.3750
GG
P.S. This is not financial advice of course, just my idea.
USDSEK is setting up in a Potential Bearish BAMM and is currently Below the POC and 200 Month Moving Average, this will kind of be a bet on the upcoming FOMC but i think whatever news we get will be used to dump the US Dollar and break down.
A bullish-type big WhiteSwan pattern occurred within the support zone of 1.3410-1.3550.
Long after seeing the rebound. At that time, be careful of re-inversion in the resistance zone of 1.3830-1.3970.
*Harmonic patterns and support/resistance zones are automatically detected using the indicators below.
- Harmonic auto-detect PRO
- Support/Resistance Zone Auto PRO
After USDSGD has escaped the ascending channel and the head and shoulders pattern, it is now touching an ascending trend line starting back from Sept 21 and touched again on Feb 22, also touching a 23.6 fib level,
currently looking to retest the previous support (neckline) and a 61.8 fib, which is now resistance @1.366, and also the lower channel line. Which was...
