Hi Traders! USDSGD forecast and technical analysis is here. As we do in every technical post we are going to perform the multi-time frame analysis on this pair in order to find the possible trading opportunities. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. This pair definitely looks interesting at the moment so as usual, we will start our analysis from the highest timeframe which would be the daily chart here.
USDSGD D1(Daily) Chart Analysis – Bearish Trend Pattern, Resistance Zone, CCI Indicator
On the daily chart, the price has created a bearish trend pattern in the form of three lower highs, lower lows which we may consider as evidence of bearish pressure. Generally, after the bearish trend pattern, we may expect corrections to happen and then further continuation lower. Currently, it looks like the correction that we were looking for happened, the price reached the resistance zone formed by the 38.2% (1.42885) – 50%(1.43566) fibonacci retracement zones and is moving lower. In addition to this, we have an uptrend line breakout based on the CCI indicator which we may consider as another evidence of bearish pressure. We may now move down to lower timeframe and see if we can find evidences supporting this bearish view.
USDSGD H4(4 Hours) Chart Analysis – Key Resistance Zone, Parabolic Sar, ADX indicator, Uptrend Line
Looking at the H4 chart we could see that the correction happened in the form of two waves and while measuring the first wave, the 100% fibonacci expansion level of this first wave at 1.42780 coincides with the 38.2% fibonacci retracement level at 1.42885 which makes this area a key resistance zone for us. The price which was moving higher reached this zone, respected it and is currently moving lower. In addition to this based on the Parabolic Sar the dots are above the price which we may consider as evidence of bearish pressure. Also the ADX indicator gave bearish signal at the cross of -DI (red line) versus +DI (green line) and the main signal line (silver line) reads value over 25, we may consider this as another evidence of bearish pressure. So until this key resistance zone holds my view remains bearish here and a valid breakout below the most recent uptrend line would validate this bearish view.
Technical Analysis & Forecast Summary
USDSGD D1(Daily) Chart Analysis
- Bearish Trend Pattern, Resistance Zone, CCI Indicator
USDSGD H4(4 Hours) Chart Analysis
- Key Resistance Zone, Parabolic Sar, ADX indicator, Uptrend Line
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