USDSGD - A REVERSAL IN PLAY - IS THIS NEW DOWNTREND?
Updated
20220508 - 2302H: Weekly prints a doji after bouncing off from DKL @1.3900, while Daily Chart displays a double top with an inverse hammer. Possible reversal in progress. However, EMA displays an uptrend on all time frame. Will await a retest on DKL or a valid HiMAC Sell setup.
20220516 - 2215H: Setup is no longer valid. There is a good possibility of price entering back into channel as H4 prints a short term down trend/cyclicity.
20220517 - 1705H - With Daily Chart presenting a bearish hammer, and price entering the channel, the potential downtrend may proceed as anticipated. H1 chart shows price have shifted below our tolerence level, thus will be expecting a good pull back to retest DKL @1.39 which will be converging with SMA200 and the EMAs. This provide a good confluence of trade groups jumping in for a SELL Trade.
Bias: SELL
20220516 - 2215H: Setup is no longer valid. There is a good possibility of price entering back into channel as H4 prints a short term down trend/cyclicity.
20220517 - 1705H - With Daily Chart presenting a bearish hammer, and price entering the channel, the potential downtrend may proceed as anticipated. H1 chart shows price have shifted below our tolerence level, thus will be expecting a good pull back to retest DKL @1.39 which will be converging with SMA200 and the EMAs. This provide a good confluence of trade groups jumping in for a SELL Trade.
Bias: SELL
Note
20220522 - 2311H - Weekly post a big red candle, as forecasted, price made a strong pullback and retest the channel top before heading to the downside, making new higher lows and lower lows. Expecting the trend to continue and will trade toward the channel bottom/WKL @1.34743. However will remain cautious when price arrives @1.375/1.37 as this is FIBO retracement zone (50 & 61.8) and EMA50.Note
20220529 - 2329H: As anticipated, Weekly Chart prints a big red candle and breaks FIBO 61.8. On a H4 Chart as shared, price move in the in accordance to the path shared. A double top with a invert hammer (high test bar) was present prior to the close of Friday market (red arrow). As such we can assume price may continue its path towards the bottom of the channel. However, should price continues to move to the downside, i would anticipate a strong pullback to retest 61.8 from a bounce from SMA800 during later part of the week (due to news release).Note
20220605 - 2314H: Price pullback earlier than expected price but the path remains the same as projected. Should price remains below 1.37700, the downward move continues. Will wait to see if a triple top is formed before taking a Sell trade.
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