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Showing posts with label USD/SGD. Show all posts
Showing posts with label USD/SGD. Show all posts

Saturday, October 18, 2014

Elliott Wave Analysis on USD/SGD

A pair that i track closely for clues on the DX momentum, is USD/SGD, although we don't actually follow it regularly over at wavepatterntraders.com, it is a good proxy for the US$ movements.

You can see that its stalled a bit over the last few days, i suspect its a triangle, so once its finished we should see more upside and "thrust" higher towards 1.1283 - 70 to end wave [v]. As USD/SGD moves higher so should the DX and USDCHF.

So by using other closely correlated patterns we can get a strong opinion now on what the US$ should do over the week ahead.

The price structure on both USD/SGD and EURUSD is very corrective looking and supports the idea that once they are both finished the US$ should resume higher. Which fits in with our thesis that as EURUSD moves lower, the DX and USD/CHF move higher.

Sunday, September 30, 2012

Elliott Wave Analysis of USD/SGD

I found this an interesting idea while scanning some charts this weekend, i think it could be a short term trade that suggests more weakness and it pushes lower in a 5th wave

Its been pushing lower even before we saw the DX weakness starting from the 25th July highs, and IMO this supports the idea of more DX weakness

Readers maybe aware i have spoke in length about watching the other US$ crosses for clues, it was how i was able to identity that the DX was making a big turn at the 25th July highs

2 US$ crosses that i like to follow for reference are USD/NOK and USD/SGD,

Staying under the last swing high (blue line) suggests more downside as i suspect this will be a 5 wave impulse wave from the 1.2554 high (red line)

So going into next week, traders can look to sell any further strength in this pair with protective stops at the blue line at 1.2333