usdsgd 131102

Finally, after waiting and waiting for weeks, USDSGD looks to be turning to the upside a look at the charts.

USDSGD WEEKLY

a false break of the long term trendline and an inverted hammer + engulfing pattern on the weekly.
We have also just turned from oversold on the weekly.

USDSGD DAILY

Looking at the daily, because that will give us a clearer picture on things.

Candle 1: Shows a high wave candle that is signalling a possible change in trend.
Candle 2: Bearish hammer, price rejecting with long wick
Candle 3: This candle has a wick that is rejecting price at a trendline retest.
Candle 4 & 5: This candle is presently the resistance that must be taken off for bullish momentum to develop
Candle 5: An engulfing pattern which can mean lower price but at the end of a down trend a possible exhaustion signal. Price top of this formation also resistance that needs to be overcome.

As we can see, price is still in the small ascending channel. Again if price falls below the low of candle 1, we can say that USDSGD will continue to slump as it will become a bearish flag pattern.

Placing two Fibonacci retracements, we can see that 23.8 and 50 retracement of the high to the lows from two points coincide with 1.2465, where there is some price congestion.. Price is still bearish below 1.2465.

USDSGD 4H

H4 is at the top of the range and above horizontal resistance. Dips to 1.2420 - 1.2410 is the 23.8 and 38.2 retracement and can be bought for a move above 1.2465.
Stops below 1.2380.
H4 200 KAMA also supporting price at 1.2410.

USDSGD 1H

On the H1, price is in a secondary channel, 1.2415 is the support.
Price could target 1.2530 from here.

I am pending long on the USDSGD.