USD/SGD Symmetrical Triangle!

Updated:

The USD/SGD pair has shown oversold signs and now is fighting hard to climb higher. The price action has developed a symmetrical triangle which could bring great trading opportunities. Fundamentally, the USD was boosted by better than expected US data reported yesterday.

The CB Consumer Confidence was reported at 113.8 far above 108.4 expected, while the New Home Sales jumped from 702K to 800K, exceeding 755K estimates. More positive data reported today could boost the USD. The US Durable Goods Orders, Core Durable Goods Orders, Goods Trade Balance, and the Prelim Wholesale Inventories could bring strong moves.

USD/SGD Technical Analysis!

USD/SGD could develop a leg higher if it makes a valid breakout from the symmetrical triangle and if it takes out the 1.3487 and 1.3497 static resistance levels. Its failure to make new lower lows signaling an upside pressure.

Technically, the pair registered a valid breakout above the 150% Fibonacci line and now it has jumped above the first warning line (wl1) which was seen as a dynamic resistance.

Conclusion!

USD/SGD has moved sideways in the short term, an upside breakout and a new higher high could open the door for further growth.

 

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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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.