USD/SGD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The latest two attempts of USD/SGD to extend gains after a rally observed between Apr 11 and Apr 15 were stopped by the 200-hour SMA. As a result, there is now a double top pattern on the chart with a neck-line at 1.2521. If the currency pair manages to breach this level in the nearest future, the sell-off will be expected to develop further. On the other hand, a key resistance level is at 1.2532, represented by the 200-hour SMA and daily PP. If this level is breached instead, the next significant supply area is likely to be encountered only around 1.2590, the current location of the weekly R1. Meanwhile, the sentiment of the SWFX marketplace is bullish—74% of open positions are long.

© Dukascopy Bank SA
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