USD/SGD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Rectangles are usually formed during a pause in the movement. In this particular case, the USD/SGD refused to move above 1.2793 and plunged to 1.2453. Since early April the pair has been trading in boundaries of the rectangle pattern, moving between two parallel trend lines, located at 1.2592 and 1.2453. This is a 137-pip range, hence, both quality and magnitude are above the average values, meaning even slight movements can lead to substantial profits. The short– and medium–term outlooks are not clear, as technicals are neutral. In a longer term, however, the pair likely to resume falling down, as aggregate technicals on a weekly chart are sending ‘sell' signal.
© Dukascopy Bank SA
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