USD/SGD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Let us look again at the double bottom pattern shaped by USD/SGD on the four-hour chart. Previously, we have noticed that the 200-hour SMA at 1.2523 had been containing the advance; however, several hours earlier the pair managed to overcome this barrier and now it may start nearing the neck-line at 1.2596. To pave the way towards this important level, USD/SGD has to surpass 1.2533/50 (four-hour PP, R1, R2, R3; daily R1) and 1.2560/82 (daily R2, R3). In case the currency couple succeeds, it is likely to jump above the neck-line and enjoy a sharp rally.
© Dukascopy Bank SA
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