Daily Forex Update: SGD/HKD
AutoChartist | Mar 13, 2012 07:33AM ET
SGD/HKD continues to fall inside the Uniform Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the below average Initial Trend (rated at the 4 bar level), near maximum Uniformity (8 bars) and significant Clarity (7 bars). This chart pattern continues the preceding sharp downward price impulse from the strong level of resistance 6.2500 (which had previously reversed the pair sharply down in October of the last year, as is shown on the second chart below). Points A and C of this Triangle enclose the shorter-term ABC correction to the aforementioned preceding downward price impulse. The A to D price impulse broke through the support trendline of this ABC correction. The price has recently reversed down (at point B) from the aforementioned ABC support line (acting as resistance now after having been broken) and is expected to fall further.
The following daily SGD/HKD chart highlights the aforementioned technical price levels:
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