I spoke about this pair in the recent Best Practice class on Big Moves, we were looking to Sell this pair however market has been testing our resolve so far. Let’s take a look again at this pair through boxes and see if anything has changed.
On the H4 charts
- We see that recently price has created some “flatishness” with previous 2 week’s high around the same price.
- This immediately allows us to anticipate two possible scenarios this week.
- If price were to move down in line with the previous bearish expansion (WTT). Then we would be looking for price to give us a WRMB.
- If the bullishness strengthens, then we might see a possible bullish expansion which might lead towards price turning up (CTT or Reversal)
On the D1 chart, we can see price mapping out the immediate support and resistance zones.
- These zones need to be cleared for price to travel further.
- If price were to be able to clear the resistance zone via a BM (bullish expansion), then a the below pattern might have a chance of completing and we would no longer be looking for a sell.
Updated (6th June 2014 – Jerome)
Price is clearly a down at this point with price still resisted and completing a WR of previous month high.
Currently on the H4 charts we can see a clear 1234 pattern formed. Look for price to retrace to previous boxes high as resistance or a close below modified F6 as opportunity.
Below are some suggested reading written by Tionghum especially useful for USDSGD
- USDSGD price action: step by step guide for new traders
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