USD/SGD 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to a three-month low was the starting point of the ascending triangle pattern that sent USD/SGD to a two-week high. At the moment, the pair is vacillating above the pattern's upper-limit close the two-week high. According to the SWFX data, traders sentiment is mixed about the future movement of the pair, being bearish and bullish in 50% of cases. Market indicators seem to provide clearer idea, sending bullish signals for the short and medium-term and bearish signals for the longer term. To confirm the positive outlook, the pair has to bounce off the formidable resistance at 1.2573 to target more than a two-week high of 1.2582.
© Dukascopy Bank SA
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