© Dukascopy Bank SA
The cross between American and Singaporean dollar is gradually approaching the lower trend-line of the bullish pattern. Therefore, the pair will be in focus of traders during the next couple of days.
Daily and weekly technical indicators are assuming the pair will manage to bounce from this important support and trade higher. This idea is also supported by the vast majority of market participants, as 70% of them are holding long positions on the USD/SGD pair. Despite that, the cases of both upside and downside movements are complicated by dense supply and demand areas, which could even leave the pair trading sideways for some period of time.
© Dukascopy Bank SA