USD/SGD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Positive fundaments have been pushing the U.S. Dollar higher against most of its counterparts for several weeks hence it comes as no surprise that the pair's moves led to a formation of the bullish pattern-rising wedge.
Currently, the currency couple is trading between its six-month high of 1.2773 and the 50-hour SMA at 1.2755. Although the 31-pips wide trading range signifies that the breakout is looming, the direction of the breakout seems to be obscure. If the pair manages to surpass its six-month high, the rally may lie ahead, on the contrary, if the pair breaches the 50-hour SMA, USD/SGD may witness a sharp decline.
© Dukascopy Bank SA
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