USD/SGD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a consolidation around the major level at 1.26, USD/SGD started to form a 276-bar long broadening rising wedge pattern.
Recently the U.S. Dollar breached the upper trend-line of the pattern; however, it seems that it is returning to trade in to the boundaries of the pattern. The pair has proved that is not completely ready for a bullish break-out; although, as previously mentioned it is showing some additional bullishness already. The 4H and daily technical indicators also predict a upwards movement. Moreover, the traders' sentiment is strongly bullish, as 74.73% of the market participants expect that the pair will continue its appreciation.
© Dukascopy Bank SA
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