USD/SGD during the recent week was in a strong and consistent downtrend that Sellers were successful in achieving the lowest price of 1.05543. Right now price in time frames such as daily and H4 is above 5-day moving average and warns about price increase in medium period of time.Price has been stopped from more descend by reaching to the specified Up Trendline in the picture below and with exit of some Sellers from their trades at the end of 13th and 20th days(Weekly Chart), the Hammer and Inverted Hammer candlestick patterns have been created that shows the sellers retreat for reaching to the lower prices that it(bullish Signal) needs confirming with closing of an ascending candle.
According to the formed price movement, there is Bat harmonic pattern between the top price of 1.28270 and bottom price of 1.23603 that warns about changing price direction from the D point of this pattern.Stoch indicator with the ascending cycle confirms the fourth point of Up trendline and warns about the potential of ascending during the next candles.Generally until the formed bottom price on Up Trendline and D point of Bat harmonic pattern is preserved, there is the possibility of increase and ascend of price .
Technical Analysis of USD/SGD dated 2014.07.29
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USDSGD Technical Anlaysis (2014.07.29)