USD/SGD 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is an immediate support represented by the weekly S1 at 1.4011. By crossing it, the bears will be able to attack the rectangle pattern's lower edge at 1.3986, from which will are looking for a new up-leg from the US Dollar. 4H technical indicators are also pointing to the upside at the moment. Rectangles are continuation patterns, meaning the earlier up-trend (Feb 10-17) of the pair is likely to be prolonged further to the North above 1.4112, namely the upper boundary of the current figure. The positive sentiment is additionally reinforced by the fact the 55-hour SMA (1.4053) has crossed 100/200-hour SMAs to the upside, indicating the general sentiment of the pair is becoming more optimistic.
© Dukascopy Bank SA
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