USD/SGD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last time the USD/SGD pair managed to reach the lower boundary of present long-term rising wedge pattern during the third week of January. Since then, a strong appreciation of the Dollar resumed and it has successfully grown up to the upper trend-line around 1.3520. Meanwhile, as two trend-lines of the figure look more like the parallel ones, trading range of the cross is assumed to decrease very slowly. Despite that, an early break-out from pattern's boundaries is possible and we tend to stay bullish on the Buck. At the moment, 73% of market participants are holding long positions on the American currency. Moreover, they are supported both by daily and weekly technical studies.
© Dukascopy Bank SA
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