USD/SGD continues to fall inside the Triangle chart pattern identified by Autochartist on the 30-minute charts. Autochartist rates the Quality of this chart pattern at the average 5 bar level as a result of the low Initial Trend (rated at the 2 bar level) and significant Uniformity and Clarity (both rated at the 7 bar level). This Triangle continues the predominant downtrend that can be seen on the daily, weekly and the monthly USD/SGD charts. More specifically, this chart pattern continues the daily down impulse which started recently when the previous upward correction reversed down from the combined resistance area lying between the 50% Fibonacci Retracement of the preceding strong daily down price impulse and the previous resistance high 1.3200 (as is shown on the second chart below). The pair is expected to fall further in the direction of the lower support trendline of this Triangle.
The following daily USD/SGD chart shows the longer-term picture of the pair’s movement, highlighting the aforementioned resistance area:
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Daily Forex Update: USD/SGD
Published 10/23/2011, 07:58 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/SGD
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