Autochartist recently identified the Triangle chart pattern on the daily USD/SGD charts. The overall Quality of this chart pattern is rated at the 8 bar level which reflects the sharp Initial Trend (rated at the maximum 10 bar level), above-average Uniformity (6 bars) and higher Clarity (7 bars). This chart pattern is developing in accordance with the long-term 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 downward price impulse. The pair is set to fall further toward the lower support trend line of this Triangle.
As is visible from the PowerStats chart below, the upper boundary of the daily Expected Price Range (EPR) calculated for USD/SGD for tomorrow (1.2245) does not exceed the upper resistance trendline of the above Triangle – while the lower boundary of EPR (1.2165) stands below the support trend line – which adds to the probability that USD/SGD will continue to decline inside this Triangle tomorrow.