USD/SGD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD currency pair has formed a descending triangle pattern on the August 12 and it seems the pattern is moving to its apex as both trend lines will converge on October 18– a day after a possible U.S. default. Despite the result of budget talks in the White House the pair can be highly volatile. Recently, bulls made an attempt to perform an upside breakout, however, the price moved back in pattern's boundaries. The market sentiment is not clearly marked, while indicators are rather neutral or sending "sell" signals. Therefore, not later than until Friday the pair will perform a breakout in any direction, meaning traders can make significant profits in a short period of time.
© Dukascopy Bank SA
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