Like many of the USD pairs this week, USD/SGD has shown a lot of strength, from it's lows at the start of the week it has risen 236 PIPS. Price broke to the upside from a descending daily trend channel last week, and this week price has broken again to the upside from a falling wedge. Both good indications that we may be seeing the start of a trend shift. Due to the moves experienced this week it is only likely that the market will pullback to retest a level of support - namely the zone between 1.3730 to 1.3715. At this point will be looking for an entry to go long on this pair. From their take profit targets will be 1.3775 and 1.3856.
If a lower high is formed below this zone, this analysis will become invalid.
If a lower high is formed below this zone, this analysis will become invalid.