SGD/USD weekly outlook for Singapore Brokers
Contents
SGDUSD were moving in bearish trend from a couple of months. Last few weekly candles are indicating this weekly trend may end and the price is starting a correction towards minimum 1.24000 level as per weekly and daily time frame charts.
I am sharing 2 different time frame analysis below with some chart examples.
Weekly SGD USD Price Predictions
SDG price is trading at lower low and lower high direction for a couple of months and finding support last week around 1.30500 indicates the earliest trend reversal signal. The price was moving in small triangle range which was a break previous week and confirms the bullish rally towards minimum 1.34000 level which is nearest weekly resistance and psychological level. Our thought is bullish and expecting a quick buying trade from the current market price. Please have a look at weekly SGD USD time frame chart below, I have mentioned possible movement diagram.
Weekly SGD USD Price Technical Chart
Daily SGD USD Price Predictions
After finding the bottom around 1.30500, the price was moving in a triangle range from few days and the break of resistance in triangle confirm us the bullish rally may start. Now we will have to look how long this bullish rally could be hit.
The minor resistance is at 1.33500 which could be the first target and the second target may b at 1.34000 which is also the previously broken support, now it will act as a resistance.
Please have a look at daily time frame technical SGD USD chart below to get the next trade idea to place an order with trusted Singapore brokers.
Daily SGD USD Technical Chart
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DISCLAIMER
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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