Ever since my last USDSGD analysis ,the pair has gone up some 100 pips or so. Price has currently formed a W pattern, suggesting extreme bullishness. However, we expect a retracement to the “heart” of the W before continuation occurs.
The USD/SGD has formed a bullish W pattern where we might expect a high momentum breakout to the upside after minor retracement to order block (50% FR). The pattern is Type 2 W bullish (W pattern with an angle). A break and close above 1.3558 suggests next bullish targets in the upper daily range in the 1.3585 area. As long as round level 1.3520 holds and the price is above 1.3530, targets are 1.3575, 1.3558 with an extended target up to 1.3610
Cheers and trade safe,
Davin Wu aka AmbitionFX