USD/SGD: technical analysis
By Dima Chernovolov, FBS
• USD/SGD rises inside primary Ⓒ- wave
• Likely to rise further to 1.3650
USD/SGD has been rising sharply in the last few months – inside the primary extended corrective wave Ⓒ from October of 2013. This Ⓒ- wave earlier broke the long-term Triangle from the middle of 2011 – which accelerated the 3rd intermediate impulse (3) of this corrective wave. The latest 5th intermediate impulse (5) of this Ⓒ- wave broke the major multi-year resistance level 1.3200 (which reversed the pair in 2010 and 2011, as you can see from the weekly USD/SGD chart below).
USD/SGD is likely to rise further inside the active intermediate impulse (5) toward the next resistance level 1.3650 (former strong support from April of 2010, which is the forecast price for the completion of impulse (5)).