USD/SGD (SGD=X) 4H Chart: Rate tests strong resistance
The US Dollar has been trading in an ascending channel against the Singapore Dollar. This pattern began early in January and has since guided the pair towards a new 2018 high of 1.3480. The pair also breached the previous long-term pattern at the beginning of May.
During the past three weeks, the US Dollar has been moving sideways, fluctuating between the aforementioned yearly high and the 1.33 level. The pair is still located in the given range. It has, however, fallen below the 100– and 200-period SMAs which is a bearish signal. Technical indicators on the daily chart are likewise tended southwards.
Taking this into account, it is expected that the Greenback weakens during the following weeks, setting the monthly S1 at 1.3265 as a possible weekly target.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1.35.
The projected lower bound is: 1.32.
The projected closing price is: 1.34.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 24 black candles for a net of 1 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 59.4930. This is not an overbought or oversold reading. The last signal was a buy 5 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 49.82. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 25 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -36. This is not a topping or bottoming area. The last signal was a buy 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 19 period(s) ago.
Rex Takasugi – TD Profile
FOREX SGD= closed up 0.000 at 1.335. Volume was 100% below average (consolidating) and Bollinger Bands were 34% narrower than normal.
Open High Low Close Volume___
1.335 1.336 1.335 1.335 73
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.34 1.33 1.34
Volatility: 2 5 5
Volume: 21,331 26,026 24,717
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX SGD= is currently 0.0% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of SGD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on SGD= and have had this outlook for the last 7 periods.