USD/SGD recently completed the Rising Wedge chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level as a result of the maximum Initial Trend (measured at the 10 bar level), above-average Uniformity (6 bars) and significant Clarity (8 bars).
The completion of this Rising Wedge continues the overriding downtrend that can be seen on the daily and the weekly USD/SGD charts. The high Initial Trend reflects the strength of the preceding daily downward price impulse. The pair is expected to fall further toward the Forecast Price 1.2173, as can also be seen from the PowerStats analysis shown below.
As you can see from the following PowerStats chart for USD/SGD, the lower border the daily Expected Price Range (1.2190) stands very close to the Forecast Price calculated for the completion of the above Rising Wedge (1.2173) which heightens the chances that USD/SGD will approach 1.2173 tomorrow.