USD/SGD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD seems to have finally ended the downward correction at the 50% retracement of the up-move that developed between Jul 2014 and Mar 2015. However, the emergence of the rising wedge indicates that the bullish momentum is probably running out of steam. If the rising trend-line at 1.3480 is broken, the outlook will be strongly negative, but there will be a chance for a rebound from 1.34, where the monthly PP merges with the Jun 3 low, and 200-period SMA. Additional supports are at 1.3251 and at 1.3151, represented by the monthly S1 and Apr low, respectively. As for the sentiment, the SWFX traders remain optimistic regarding the Dollar: 72% of positions are long.
© Dukascopy Bank SA
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