USD/SGD has recently completed the Uniform Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level as a result of the sharp Initial Trend (rated at the highest 10 bar level), significant Uniformity (7 bars) and lower Clarity (4 bars). This Triangle continues the prevailing downtrend that can be seen on the daily and the weekly USD/SGD charts. Maximum Initial Trend reflects the strength of the preceding daily downward price impulse from the 50% Fibonacci Retracement of the previous sharp weekly downward price impulse from the February of 2010 (shown on the third chart below). The pair is expected to fall further in the direction of the Forecast Price 1.2426.
As can be seen form the PowerStats chart below, the lower boundary of the daily Expected Price Range for USD/SGD for tomorrow (1.2424) coincides with the Forecast Price (1.2426) calculated for the completion of the above Triangle – which increases the probability that this currency pair will continue to move toward this level in the nearest time.
The following weekly USD/SGD shows the longer-term picture of this currency pair’s movement:
USD/SGD" title="USD/SGD" width="598" height="534">
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Daily Forex Update: USD/SGD
Published 02/29/2012, 05:04 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/SGD
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