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U.S. Dollar / Singapore Dollar

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USDSGD trade ideas

USD/SGD - market takes a breath before going LONG!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.
Long
by TheForexFellows
2
USDSGD Look for the reversal buy opportunities Hi everyone: USDSGD also on my watchlist this week ahead. Price has been dropping ever since end of March, and we see price is right back at where it was before the COVID crisis. What I like about the price now is we are in this largest expanding structure, and from the corrections within, its a good probability that we can expect this is a HTF reversal structure, and we can see the price gets push up again. Currently price is still in this descending channel, and we at bottom where the previous lows, and a inverse Head and Shoulder pattern. I want to see a breakout form the channel, and a LTF correction for possible entry, or wait for complete breakout of the HTF expanding structure, and still look for LTF correction to get in the buy. I do expect once we have the confirmation breakout, we can expect more USD strength. Thank you
Long
by jojofang0901
7