USD/SGD 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having attained a three-month high of 1.2794, the U.S. Dollar reversed its trend against its Singapore's peer; the depreciation pushed the pair into a 192-bar long descending triangle pattern that sent USD/SGD to 1.2514, a four-month low, in the last trading sessions of March.
Meanwhile, the recent low provoked a rise of the pair that managed not only to jump above the 50-hour SMA at 1.2593 but also to penetrate the pattern's resistance, suggesting that the breakout may have happened and a sharp rally may lie ahead. This is also supported by the SWFX data, indicating that over 83% of all orders are placed to buy the pair.
© Dukascopy Bank SA
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