USDSGD - A REVERSAL IN PLAY - IS THIS NEW DOWNTREND?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20220516 - 2215H: Setup is no longer valid.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
