USD/SGD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a post Brexit falling wedge pattern against the Singapore Dollar. At the moment, the currency exchange rate is located next to the pattern's upper trend line at 1.3462. The upper trend line's provided resistance is strengthened by the 55-hour SMA, which by 11:00 GMT was located exactly on the trend line. Above the before mentioned resistance another resistance cluster is located, it consists of the 100 and 200-hour SMAs respectively at 1.3486 and 1.3488. In addition, SWFX trader sentiment indicates at the pair being overbought, as 67% of all open positions are long. However, aggregate daily technical indicators forecast that the currency exchange rate will remain unchanged during the day.
© Dukascopy Bank SA
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