Current USD/SGD, Singapore dollar trades at 1.3099 and is a great currency pair to hit targets as it trades steady as AUD/USD or NZD/USD.
Current USD/SGD is oversold and trades at the bottom of its range.
Match Sing – Apore against MYR, the Malaysia Ringgit as SGD/MYR then the famously named Sing / Ring currency cross is created.
Bottom of the range means not only 1.3092 and 1.3087 but bottom of a multi year range. Long is the only direction as shorts are impossible.
The big break point for longs to see USD/SGD higher is 1.3197 and a break targets many and massive resistance points at 1.3300’s starting at 1.3303 and up to the 5 and 10 year averages at 1.3357 and 1.3368.
Longs must trade to 1.3181 yet must cross above 1.3141, 1.3158, 1.3171 then 1.3184. Overall, higher in USD/SGD represents a correction as price remains below 1.3762 and 1.3606.
The long trade despite resistance and 50 ish pips involved is forced upon USD/SGD as it lacks ability to travel lower
Last post reported EUR/JPY top at 133.11, it held at 132.90. GBP/JPY dead stopped at 152.09 and as mentioned GBP/JPY had to trade back to 152.76 and it traded to 152.68. GBP/USD mentioned had to trade back to 1.4233 from 1.4172 lows and it traded to 1.4246.
To know a target price is to know how to trade a price and this is completed by either hold to target or trade multiple times in the direction of the target.
A far better long trade is USD/PLN from its current 1.3635 price.
As in USD/SGD, the long in USD/PLN represents a correction higher as long as price remains below 3.3927 and 3.4213.
Above 3.4213 targets 3.4314, 3.4435, 3.4739 then wide open to 3.5069 and challenge to the 5 year average at 3.5471.
Target on the long is 1.3719 and just shy of the next vital break point at 3.3816. Overall, current range is located from 3.3535 to 3.3816.
Brian Twomey