USD/SGD has recently completed the Double Top chart pattern on the daily charts. We measure the overall Quality of this chart pattern at the 5-bar level as a result of the average Initial Trend (rated at the 5-bar level), lower Uniformity (4 bars) and significant Clarity (7 bars). Both of the connecting points of the upper resistance trendline of this chart pattern (points A and B on the chart below) formed at the 38,2% Fibonacci Retracement of the previous sharp daily downward price impulse from the November of last year. The point C of this chart pattern was set when the pair reversed up from the strong support 1.2425 (which had previously reversed the pair sharply up in the October of 2011).
This chart pattern reverses the preceding upward correction to the prevailing downtrend visible on the daily and weekly USD/SGD charts. The latest downward price impulse from B broke through the support trendline of the aforementioned upward correction and then through the lower support trendline of this chart pattern (coinciding with the support at 1.2425). The pair is expected to fall further toward the Forecast Price 1.2295.
The following daily USD/SGD chart highlights the aforementioned technical price levels:
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USD/SGD Daily Update: April 30, 2012
Published 04/30/2012, 03:21 AM
Updated 03/09/2019, 08:30 AM
USD/SGD Daily Update: April 30, 2012
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