USD/SGD 1D Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although since October every new high has been below the previous one, there is a good possibility the bulls are soon going to regain control of the pair. After the May-September advance USD/SGD has formed a triangle, a continuation pattern, meaning the risks are skewed to the upside. If the price manages to close above the falling resistance line at 1.4180 and then pierce through the October high (1.4366), the rate may as well claim the 2009 high at 1.56. On the other hand, a dip through 1.4230 will imply a sell-off down to 1.3940/20, where monthly S1 merges with the December 3 low. An additional demand area is seen at 1.3800/1.3770, created by the monthly S2 and 200-day SMA.
© Dukascopy Bank SA
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