© Dukascopy Bank SA
USD/SGD is likely to rally in the foreseeable future. A correction, which was in place on Monday and Tuesday of this week, exhausted itself near the weekly pivot point at 1.3623. Since then, the pair has been gradually erasing losses, by following the positively-sloped 55-period SMA. Meanwhile, daily indicators are strongly bullish, assuming that the pair will not only retake the Jul 20 high at 1.3737, but will also climb higher in the direction of the pattern's upper trend-line. However, an additional downtrend may occur after these events, as weekly studies are giving bearish signals at the moment. Market sentiment in turn remains fairly optimistic (66%) on the US Dollar.
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