USDSGD – Trading Below Well-Defined Resistance (Daily chart)
|Price Action Context
The pair traded within a with-trend corrective structure between July and October last year, but ending the year, price slowly started to roll over. In early January this year, bearish order flow increased and a key support was taken out by the impulsive move lower, which changed our LT bias to bearish. The broken support has since been tested as resistance 3 times and held cleanly every time.
Trending Analysis
LT Bias is bearish and bears can look for possible trading opportunities on pullbacks into the key resistance.
Key Support & Resistance Zones
R: 1.3600 – 1.3640
S: 1.3440 – 1.3470
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.