USD/SGD 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching a two-month high of 1.2794, the U.S. Dollar embarked upon a long-lasting retreat against its Singapore's counterpart. During the period of weakness, the pair started to form a double bottom pattern that now is circa 220-bar long. Early May, USD/SGD bounced off a one-month low of 1.2452; however, it has not attained the neck-line at 1.2596 yet. The reason is that the pair was trapped by the 50-and 200-bar SMAs several sessions earlier but it may break these chains and move closer to the neck-line in the hours to come given that over 85% of market players are bullish on the pair. However, technical data contradicts to this view.
© Dukascopy Bank SA
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