USD/SGD 1H Chart: Descending channel in sight - Trade Pattern Ideas - Dukascopy Bank

Tue, 02 Jun 2020 12:09:02 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)BuyNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellSell
Aggregate

The USD/SGD currency pair has been trading within a descending channel since the end of April. Currently, the pair is testing the lower channel line at 1.4010.  

From a theoretical perspective, it is likely that a reversal north could occur, and the exchange rate could reach the upper channel line in the 1.4230 area. If the given channel holds, it is likely that the rate could continue to decline within it in the medium term. 

Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-hour SMAs. Thus, some a breakout south could occur in the nearest future, and the pair could decline to the Fibo 50.00% at 1.3803.


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