USD/SGD: Neckline Breached, More Bearishness In Sight
ICN.com | Mar 26, 2015 05:43AM ET
In our previous technical comment on USD/SGD pair published on March 23, we have discussed the probability of tracing a classical head and shoulders pattern over four-hour interval.
The pair has been capable of clearing the neckline of the structure at 1.3725 and placed a temporal low in the 1.3600 regions.
The coverage from SMA20 and SMA50 offers an option to wait until the USD/SGD pair reaches the scientific technical objective despite the bullish crossover on MACD. This crossover may cause a re-test of 1.3725 where we can add another sell position.
Of note, the technical target of the premium short position of USD/SGD pair has been reached at 1.3650 with 105 pips profit.
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