USD/SGD 4H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Without reaching the lower trend-line of the current rising wedge pattern, American dollar began gaining more value again and is now already approaching the 1.35 major level. Additional support is currently provided by a strong demand zone at 1.3450, represented by the monthly and weekly R2. According to market participants (73% bullish on the Greenback), we may see an increase towards the trend-line in the foreseeable future. Moreover, weekly technical indicators are sending strong signals to buy USD versus SGD. Therefore, we may estimate that supply at 1.3512 (weekly R3; pattern's resistance) will eventually be breached to the north.
© Dukascopy Bank SA
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