Hello Trader, Here is the full analysis of USDSGD :
1) On the 4hr chart we can see it as formed Cypher pattern and possible reversal expected.
2) Price is in a strong support zone and can test this zone for up move and if it respects this zone one can expect up move in the stock .
3) If it breaks the support then wait for the next retracement downside to take...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.4162). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USDSGD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
USDSGD is making some kind of a price action pattern and now it is likely to go and touch the upper circuit of the pattern , if we get a clear confirmation , we can take a sell
can take 2-3 weeks to show a negative candle.
if candle close below the 1.36538 than go short .
profit and stop loss targets are given in the chart.
it will be a long term trade.
wait to break 61.8 fib extension level..let the market retest the breakout then go for short till second target...market having double top...strongly reject from resistance area...
