Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

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).

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