USD/SGD during the recent week was in a strong and consistent uptrend that buyers were successful in achieving the highest price of 1.31003.Right now price by reaching the R2 WPP and also by creating a peak price in 4H time frame has been stopped from more ascend. By forming a Hanging Man and engulfing candlestick pattern in mentioned top price, there is a potential for creating a top price and then descending.
As it is obvious in the picture below, there is a deep crab harmonic pattern between the bottom price of 1.28640 and the top price of 1.31003 that there is a potential for changing price direction from D point of this pattern.Ao indicator is in divergence mode with the price chart that confirms the current top price and warns about descending of price during the next candles.Generally until the top price level of 1.31003 is preserved, price will have the potential for reformation and descending.
Technical Analysis of USD/SGD Dates 2014.11.20
USD/SGD Technical Analysis
Written by the technical team of PipSafe Company
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