USD/SGD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On July 23 the pair touched a 23.60% Fibonacci Retracement and since then the pair has been moving to the north and has even formed a rising wedge. During the last several hours there were several attempts to break the support line, however, bears were not strong enough. Currently, the market sentiment is not clearly marked (52% bullish), and according to aggregate technical indicators, after staying rather flat for some time, the pair is expected to resume following the uptrend. Therefore, a movement towards pattern's resistance line can be anticipated.
© Dukascopy Bank SA
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