USD/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD has been moving to the south since March 20, when the pair refused climbing above 1.28-mark and performed an impressive downside rally. Just recently, on April 25, the pair made an attempt to penetrate the upper trade line. Since than bulls have made 5 attempts to end a 220-bar long period of depreciation. Market sentiment is strongly bullish (63%), while aggregate technical indicators on a 4H chart are sending ‘buy' signals. However, traders should be careful even after a breakout, because it can only a formation of the throwback, and soon, the pair can move back into pattern's boundaries. Technicals on a daily and weekly charts are bearish.
© Dukascopy Bank SA
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