USD/SGD is trading in the green as the Dollar Index has managed to rebound after ending its decline. The outlook is bullish, so the pair could climb higher if it makes a valid breakout from the current chart pattern.
The US Dollar was boosted today by better than expected US data. The Current Account was reported at -190B above -193B expected, Housing Starts increased from 1.55M to 1.62M exceeding the 1.55M forecast, while the Building Permits rose to 1.73M from 1.63M, even if the specialists have expected to see a drop to 1.60M.
USD/SGD Technical Analysis!
USD/SGD escaped from the descending pitchfork’s body signaling further growth. It has decreased a little after registering a false breakout through the ascending pitchfork’s upper median line (uml).
It has failed to retest the upper median line (UML) and the median line (ml) and now it tries to escape from the minor down channel, a flag pattern which is seen as a continuation formation. Closing and stabilizing above the minor downtrend line and beyond the weekly R1 (1.3519) could signal further growth.
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