USD/SGD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a more or less flat trading through October, the USD/SGD cross gained momentum at the last days of the month. Moreover, the pair started to form a rising wedge pattern.
Currently, the pair is hovering near the lower boundary of the pattern; therefore, for the continuation of the pattern the support levels will be critical. The driver that could push the pair higher, possibly towards the pattern's resistance at 1.30, is the 4H technical indicators that are bullish. At the same time, the SWFX traders' are sceptical on the Greenback's appreciation as 57.48% of them have shorted the pair. If the pattern stays in the effect then the 1.30 level remains the target.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.