Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Sell | Sell | Sell |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Sell | Sell | Sell |
Alligator (13; 8; 5) | Neutral | Sell | Sell |
SAR (0.02; 0.2) | Buy | Sell | Sell |
Aggregate | ⇒ | ⇓ | ⇓ |
USD/SGD has diminished its trading range within the last few weeks, thus forming a symmetrical triangle. The bottom boundary of this pattern was tested on March 14 when the Greenback reversed from the weekly S2 and the monthly S1 near 1.31.
The rate has moved above the 55-, 100– and 200-hour SMAs, thus pointing to a possible bullish movement in the nearest time. Meanwhile, other technical indicators are still strongly bearish, thus favouring a fall down to the 1.30 mark.
It is expected that upside risks prevail in the market, thus sending the pair for a test of the 1.3220 area. Some notable resistance could be met in the 1.32 area which is reinforced by additional resistance levels on the four-hour chart.