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

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