USD/SGD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD started its upward trend on July 26, when the pair broke through its 200-bar SMA. The currency couple vacillated within a rising wedge pattern during the last six weeks until it successfully attempted to cross the lower boundary of the pattern on September 6; this move is likely to provoke a sharp depreciation of the pair in the days to come. USD/SGD may fall to its 200-bar SMA at 1.2725 that acts as a strong support level and, if overcome, may amplify the decline towards the next support zone at 1.2714 (daily S1) that may assuage selling pressure.
© Dukascopy Bank SA
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