USD/SGD dropped right after the US inflation data was released but it could still come back higher. It’s traded at 1.3419 at the time of writing after retesting the daily pivot of 1.3414. An upside reversal is somehow expected after breaking above the major downtrend line.
The pair has developed a triangle on H4 which is seen as a continuation pattern. The rate has changed little in the short term after a new rejection from the support area. It could move sideways before confirming a new entry.
USD/SGD H4 Chart Technical Analysis
USD/SGD stays right below the weekly pivot of 1.3420 and under the daily R1 (1.3427). It’s trapped between the descending pitchfork’s upper median line (UML) and the 50% Fibonacci line.
The area between 1.3406 and 1.3389 is seen as a strong support zone. It could turn to the upside as long as it stays above it. Only dropping and stabilizing under this area could invalidate the bullish scenario.
An upside breakout from this triangle and through UML may validate a new leg higher. Actually, jumping and closing above 1.3437 today’s high could attract more buyers in the short term.
Conclusion!
The current consolidating above 1.3386 could bring a new long entry if the rate jumps and stabilizes above 1.3437 high.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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