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USD SGD Forecast: Bearish Trend to Continue…

Conclusion for today’s analysis:

The minimum expectation for the USDSGD is ~1.33439.

Price action from May 03, 2018 to current date is shown in today’s analysis for the USDSGD on a 6 hour timeframe. Previous analysis for this FX pair is provided here.

usd sgd technical analysis

Conclusion for today’s analysis: The minimum expectation for the USDSGD is ~1.33439.

Price action from May 03, 2018 to current date is shown in today’s analysis for the USDSGD on a 6 hour timeframe. A top formation that took almost 6 months to complete i.e. between July 02, 2018 to December 27, 2018 is identified as a complex head and shoulders pattern.

Confirmation of the chart pattern occurred on the January 04, 2019 when price action closed below the neckline of the pattern at ~1.36138. The bearish implication of the pattern mentioned above is not yet complete and the minimum expectation for price action is 1.33439 achieved via a vertical projection of distance between the head of the pattern and the neckline.

Any current bullish swing or retracement of the current uptrend should be considered for entry point into a bearish position(s).

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