USD/SGD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD has just broken out of the symmetrical triangle that emerged after a failure of the US Dollar to extend the rally beyond 1.3574. The initial target is the Jul 1 high at 1.3541. However, the main objective is the Jun 28 high that guards the June maximum at 1.3634. In the meantime, the studies are mostly pointing upwards, and there is a plethora of supports beneath the spot that is highly unlikely to let the price drop below 1.3480. Apart from the support trend-line, the demand area is reinforced by the weekly pivot point and 200-hour SMA. In the event the bears do overpower the bulls, a potential reversal point will be at 1.3442 (Jul 30 low).
© Dukascopy Bank SA
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