© Dukascopy Bank SA
While being underpinned by the long-term moving average (200 bars), the U.S. Dollar has been generally appreciating vis-à-vis its counterpart from Singapore. It is also important to notice this was happening at an increasing rate.
As a result, USD/SGD charted a rising wedge, meaning that the rally is approaching a state of exhaustion and is therefore subject to a sell-off in the foreseeable future. Nonetheless, there is still some room for extension of the surge, considering that there are still many technical indicators pointing upwards, especially on an hourly time-frame.
© Dukascopy Bank SA