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USD/SGD 1H Chart: US Dollar respects wedgeThe US Dollar was trading in two patterns simultaneously, namely, a channel down valid since early October and a week-long ascending wedge. As apparent on the chart, the latter prevailed when the rate breached the upper channel boundary early on Friday. In general, ascending wedge is a bearish pattern that should eventually push the rate lower. Thus, it is likely that the US Dollar reaches the weekly R1 and the 23.6% Fibo at 1.3610, reverses to the south and breaches the junior pattern near the 1.3570 mark. The pair still faces the 55-, 100– and 200-hour SMAs, the 38.2% Fibo and the weekly PP along the way—a support area that is located near the aforementioned line. In case of a breakout, the Greenback should initiate a new down, thus requiring to adjust to the upside the previously-drawn channel lines.
by UnknownUnicorn890690
CHF/SGD 1H Chart: Pair remains near channel lineThe movement of the CHF/SGD exchange rate during the past weeks has been characterized by two descending channels. The senior formation which was formed late in August started with two distinctive downward-sloping waves. Subsequently, the rate’s movement become rather chaotic in the result of which the junior channel started to appear. It has confined the pair near the upper boundary of the senior patter for several weeks. The Franc has failed to reach the lower boundary of the junior pattern since last week, thus suggesting to a possible breakout north. However, given that this side is restricted by the upper channel line and the 200-hour SMA circa 1.3880, this surge might not be long-lasting. The rate might still trade lower down to the monthly S2 circa 1.3750; however, bulls should eventually take the upper hand and thus make a breakout from both channels.
by UnknownUnicorn890690
EUR/SGD 1H Chart: Soon breakout from channelThe Euro against the Singaporean Dollar has been trading in a channel down for the past seven weeks. The last up-wave was initiated late in September when the rate bounced off the monthly S1 at 1.5940. The subsequent gradual appreciation resulted in the formation of a channel up. Given the characteristics of the senior pattern, it is likely that the Euro tries to push for its bottom boundary in the 1.5800/1.5850 area in the medium term. However, technical indicators suggest that there is still some upside potential that could be realised either today or next week. By and large, the daily time-frame demonstrates that this movement downwards might be just a correction towards the general up-trend. Thus, medium-term appreciation could be expected, especially if the rate fails to breach the weekly PP and the 200-hour SMA at 1.6001.
Long
by UnknownUnicorn890690
AUD/SGD 1H Chart: Channel UpThe Australian Dollar is trading in an ascending channel against its Singaporean counterpart. Currently, the given exchange rate has entered a consolidation period, fluctuating between 1.0919 and 1.0758. As apparent on the chart, the last wave up failed to reach the upper boundary of the channel, suggesting that some change in trader sentiment may be due. Thus, it is expected that the Aussie does not return in the 1.1000/1.1100 area, but breaches the above channel up to the downside in the upcoming trading days. Nevertheless, this line is supported by the 55-, 100– and 200-hour SMAs circa 1.0820 that may hinder or even halt the pair from trading lower. A penetration of this area may add fuel to the increasingly bearish sentiment.
Short
by UnknownUnicorn890690
USD/SGD in a descending channel until NovemberAlthough the US Dollar recently rebounded against the Singapore Dollar, the currency pair is still set to decline in the long term. The reason for that is the fact that the pair is still trading simultaneously in two descending channel patterns. The most junior pattern shown on the chart was discovered only recently, and it is now providing the opportunity to forecast approximate path of the currency pair in the near future. Until the end of October to be precise. Meanwhile, the pair is also descending in a dominant pattern, which is aimed at the support line of a dominant channel up pattern, which is located in the zone from 1.3450 to 1.3500.
by UnknownUnicorn890690
AUD/SGD 1H Chart: Channel DownAUD/SGD 1H Chart: Channel Down The Australian Dollar is trading against the Singapore Dollar in a short-term descending channel, which consists of four reaction highs and three reaction lows and, thus, might be broken already by the end of the week. Historically, the currency rate made multiple attempts to break to the top. However, each time these endeavours were stopped by a combination of the 55-, 100- and 200-hour SMAs. The fact that this pair is so sensitive to the above moving averages suggests that a breakout in the northern direction is unlikely to happen. Moreover, channels are continuation patterns and, thus, should not change a recently established general downtrend. The above assumption is additionally supported by the fact that 73% of traders hold short positions on this currency pair.
by UnknownUnicorn890690
CHF/SGD 1H Chart: Channel DownThe Swiss Franc is trading in a channel down against the Singapore Dollar. The given formation was created when the rate bounced off the bottom boundary of a longer-term falling wedge and continued to move in the same range even after this patter was breached. From theoretical point of view, the Franc should have appreciated after the breakout; however, given the chaotic nature of the pair’s movement in the wedge, bulls could not to prevail. The pair is currently stranded from the upside by the 55– and 100-hour SMAs and the 100% Fibonacci extension line (drawn from the July high). In short-term, the rate is expected to test the upper channel boundary, which is reinforced by the 200-hour SMA circa 1.4050. Subsequently, the pair may trade even higher, taking into account technical indicators which suggest that a further momentum north is a likely option.
Long
by UnknownUnicorn890690
EUR/SGD 1D Chart: Channel UpEUR/SGD 1D Chart: Channel Up The common European currency is gradually advancing against the Singapore Dollar in a long-term ascending channel. The pattern started to form after the currency exchange rate made a rebound and ended to move a six month long horizontal movement. One of the features of this channel is that, initially, it gained two reaction highs in a row and, afterwards, two reaction lows in a row, which suggests that the same situation might happen in future. Last week the currency rate made a third rebound from the upper edge of the channel but failed to fall below the updated weekly PP at 1.6035. Therefore, there is chance that the pair will surge one more time towards the weekly and monthly R1 near 1.6117 before making an ultimate slip to the southern direction.
by UnknownUnicorn890690
SGD/JPY 1H Chart: Channel DownFollowing a five-week appreciation against the Japanese Yen that resulted in the formation of a rising wedge, the Singapore Dollar breached the given pattern to the downside. Consequently, the last wave downwards formed a short-term channel down in which the rate has been trading since. From theoretical point of view, the Singapore Dollar should make a retracement from the bottom wedge boundary prior to edging lower. This level intersects with the 200-hour SMA circa 81.90 and the upper channel line that is likely to function as a reversal point. From the downside, the pair is supported by the 100– and 55-hour SMAs at 81.72 and 81.62, accordingly. However, it is expected that the Singapore Dollar surpasses these levels and tries to test the bottom channel boundary in the 81.20/80.90 area.
Short
by UnknownUnicorn890690
Singapore Free IndexAs the Indices Team alluded to in the previous report, the Singapore free index has been in a channel since 2009. On monthly candles, it has broken further out of the Keltner Channel on the back of a bullish run since late 2016 showing promising signs for the indices long term growth. This run is fuelled by improved exports in Singapore. Looking at daily candles, Singapore continued its bullish run pushing against resistance before the market took a hit on the 16th of May due to allegations into the Trump FBI Director saga. As did much of Asia and America, Singapore took a hit falling into support around the 354 price point. As the market looks to recover and Singapore Free pushes back towards resistance, this provides itself as a good time to start restacking a long position.
OANDA:SG30SGDLong
by STIADAYSOFPAST