USD/SGD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SGD is also going to meet the pattern's upper boundary in the next 24 hours, which is placed within 35 pips to the north from the spot price. Here the bullish outlook seems to be more realistic, as more than 66% of all traders are going long on the US Dollar versus its Singapore counterpart. Moreover, both 4H and daily indicators are largely pointing upwards at the moment. However, bullish intentions will be immediately tested by the monthly R3 and weekly R1 resistance at 1.4177/97, in case the longs send the price above the pattern's upper edge. A failure may trigger losses down to 1.4021 (100-period SMA) in the near term, but bears are mainly targeting the demand zone at 1.3977/52.

© Dukascopy Bank SA
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