USD/SGD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD shaped a 330-bar long descending triangle pattern on the one-hour chart. While trading within the bearish formation, the pair faced noticeable losses, erasing more than 200 pips during the last two weeks of March. Now the instrument is sitting not far away from the pattern's support at 1.2577; however, the breakout now seems unlikely as more than 80% of all orders at the SWFX are placed to buy the pair. Moreover, the pair is trading at some distance from the apex, which will be reached on April 14. At the same time, technical data indicates that bears are likely to dominate the market in both short and long terms.
© Dukascopy Bank SA
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