USD/SGD Confluence:
1. 50/60 - 200/250 EMA Crossover in January 2015 indicated a major transition in market sentiment.
2. Measuring the entire symmetrical triangle breakout leg from Summer 2014 to the highs at 1.39 which marked the end of the Quarter 1 of 2015, we can see the .5 - .618 Fibonacci retracement lies at 1.32- 1.30
3. 1.32 was the peak of the symmetrical triangle providing significant resistance. Look for this area to now act as a new major support level.
4. A re-test of the 1.32-1.30 zone would also coincide with a retest of the 50/60 EMA's as new dynamic support for the first time since 2002.
5. The ten year weekly trend-line was broken during the symmetrical triangle breakout, this eliminates any chance of this trend-line providing bearish resistance.
6. As the USDOLLAR Index starts a bearish leg down following the weekly double-top pattern, this provides us additional confluence for USD/SGD continuing its bearish leg down to 1.32.
7. Any price action signal that occurs in the high-probability zone of 1.32-1.30 will be the catalyst for me to take a long trade in this market targeting the highs at 1.39
1. 50/60 - 200/250 EMA Crossover in January 2015 indicated a major transition in market sentiment.
2. Measuring the entire symmetrical triangle breakout leg from Summer 2014 to the highs at 1.39 which marked the end of the Quarter 1 of 2015, we can see the .5 - .618 Fibonacci retracement lies at 1.32- 1.30
3. 1.32 was the peak of the symmetrical triangle providing significant resistance. Look for this area to now act as a new major support level.
4. A re-test of the 1.32-1.30 zone would also coincide with a retest of the 50/60 EMA's as new dynamic support for the first time since 2002.
5. The ten year weekly trend-line was broken during the symmetrical triangle breakout, this eliminates any chance of this trend-line providing bearish resistance.
6. As the USDOLLAR Index starts a bearish leg down following the weekly double-top pattern, this provides us additional confluence for USD/SGD continuing its bearish leg down to 1.32.
7. Any price action signal that occurs in the high-probability zone of 1.32-1.30 will be the catalyst for me to take a long trade in this market targeting the highs at 1.39
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.