USD/SGD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 219-bar long double bottom has been formed by USD/SGD on March 20. Aggregate indicators are suggesting the short-term outlook is bullish, however, keeping in mind several unsuccessful attempts to penetrate the 200-period SMA, as well as ‘sell' signals from technicals on the daily and weekly chart, a move above 1.2533 is unlikely. Therefore, the pair has a potential to fluctuate around the same level for some, while a move below weekly pivot at 1.2491 will clear the way for a recent low, pattern's support and weekly S1 at 1.2461. Important to mention that statistically, trading volume is usually higher on the left bottom. At the same time, the pair can form a triple bottom or a rectangle pattern soon.
© Dukascopy Bank SA
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