USD/SGD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge pattern formed by USD/SGD in the beginning of May has 60% quality and 100% magnitude in a 229-bar period. The pattern is moving closer its apex, as the trading range is narrowing, suggesting a breakout to the upside or to the downside can occur soon. Even though rising wedges are breaking to the downside in 69% of all cases, the majority of aggregate technical indicators are sending "buy" signals, pointing at further appreciation of the pair. At the same time, the Singapore Dollar is sold in 70% of the time, adding to evidence, the pair is most likely to head to the north, rather re-test the support line once again.

 

© Dukascopy Bank SA
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