SGDUSD trade ideas
USDSGD is close to 3,5-Years High!I will open Sell in marked Zone!
Reasons:
- the price is under Historical Key Level 1.45460 (3,5-Years High);
- the chart shows to us the start of a global bearish trend;
- H1 timeframe is forming H&S pattern:
- potential profit will be in 5...10 times bigger than risk.
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USDSGD short trade ideaPlan : wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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GWBFX
USDSGD LONG POSSIBLY AT A BOUNCE POINT
WE MAY FOUND SOME SUPPORT
SELLING THIS PAIR IS ALSO THE OPTION AS IF OUR ENTRY TO GO LONG FAILS TO SUPPORT WE WILL HAVE A CHANCE TO SHORT THIS PAIR TO THE NEXT LEVEL OF SUPPORT BEFORE TAKING THIS PAIR TO THE UPSIDE
THIS IS AN EITHER OR SITUATION WE CAN EITHER SELL THIS PAIR IF OUR ENTRY FAILS OR WE CAN EITHER BUY THIS PAIR AFTER OUR MARKET GIVES US CONFIRMATION THAT OUR SUPPORT LEVEL ENTRY ONE IS IDENTIFIED
USDSGD might bounce offPrice has fell in an ALMOST clean move from 1.408 to 1.378 I am expecting it to test 1.374.
If price bounces off 1.374 wait for a clean move before entering, otherwise downtrend continues when Feds continues with rate cuts just to "save" the economy from the effects of COVID-19.