USD/SGD: buy target - 1.3760
- USD/SGD completed intermediate ABC correction (2)
- Next buy target - 1.3760
USD/SGD recently reversed up sharply from the strong combined support zone lying between the support level 1.3500 (which also previously reversed the minor correction 4 in February), 50% Fibonacci Correction of the previous sharp intermediate impulse wave (1) and the lower daily Bollinger Band – as you can see from the daily USD/SGD chart below. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – thereby completing the previous intermediate ABC correction (2).
USD/SGD is currently approaching the resistance level 1.3630. If the pair breaks this resistance level – it can be expected to rise further to the next buy target at 1.3760 (top of earlier wave B).