Tracking a zigzag leg in USDSGD
After a textbook completion of a 5 wave sequence to the downside we are starting to trade an ABC sequence from the January lows. This pattern is corrective and the 'B' leg should be seen as counter trend. For those with a background in Elliotwave you will know a typical correction here will often retrace as high as 38.2.% of the previous leg which in this case comes into play at 1.360.
Any rallies up to here can be seen as corrective within an underlying downtrend with high odds of USDSGD continuing another 5 wave sequence to the downside after this correction is over.
To the topside a break above 1.366 is necessary to start knocking confidence of the pattern, heavy resistance there should be enough to settle the deal. Whilst to the downside a break and test of 1.333 looks around the corner.
Best of luck those trading USDSGD and positioning for the swing.
Any rallies up to here can be seen as corrective within an underlying downtrend with high odds of USDSGD continuing another 5 wave sequence to the downside after this correction is over.
To the topside a break above 1.366 is necessary to start knocking confidence of the pattern, heavy resistance there should be enough to settle the deal. Whilst to the downside a break and test of 1.333 looks around the corner.
Best of luck those trading USDSGD and positioning for the swing.
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