Indicator | 4H | 1D | 1W |
---|---|---|---|
MACD (12; 26; 9) | Buy | Buy | Sell |
RSI (14) | Neutral | Sell | Neutral |
Stochastic (5; 3) | Neutral | Sell | Sell |
ADX (14) | Buy | Buy | Sell |
CCI (14) | Neutral | Sell | Sell |
AROON (14) | Buy | Buy | Buy |
The SGD/JPY exchange rate has been testing the upper boundary of the rising wedge pattern since the middle of October.
From a theoretical point of view, it is likely that a reversal south could occur within the following trading sessions, and the currency pair could target the lower pattern line located in the 79.00/79.60 range. If the given pattern does not hold, the pair could decline to the support level formed by the Fibo 23.60% at 77.38.
However, note that the rate is supported by the 55-, 100- and 200-hour moving averages, currently located circa 80.00. Therefore, a breakout north from the pattern could occur in the nearest future. In this case the rate could reach the Fibo 50.00% at 82.68.