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 – 1.3200

By: Dima Chernovolov

  • USD/SGD completed intermediate ABC correction (2)
  • Next buy target – 1.3200 

USD/SGD recently reversed up sharply from the strong support zone lying between the support level 1.3200 (former resistance which reversed the pair in last December, as you can see from the daily USD/SGD chart below), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous extended upward impulse from August of 2014. The upward reversal from this support zone completed the preceding sharp intermediate ABC correction (2) from the middle of March.

USD/SGD is likely to rise further – in line with the strong uptrend visible on the daily charts – toward the next buy target at 1.3390. Strong support remains at 1.3200.

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