USDSGD Plays for a Upside Break from Descending Broadening Wedge

OANDA:USDSGD   U.S. Dollar / Singapore Dollar
USDSGD has been forming lower highs and lower lows within the Descending Broadening Wedge Pattern, since 9th December. After testing the upper trend line for the fourth consecutive time, prices registered a breakout and have sustained above the pattern. Moreover, the formation of Three White soldiers candlestick pattern, confirms the potential uptrend in the pair. In addition, the red signal line of the Custom Moving Averages indicator is trading below the prices, thus indicating of bullishness in the pair. The prices are now attempting to move towards its target profit and thus traders can grab the buy opportunity and keep the profit target at 1.34769 level. Simultaneously, the stop loss can be set at 1.33143 level.
Trade information
Take profit 1.34769
Stop-loss 1.33143


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