Hello fellow traders. USDSGD is another forex pair that we have been trading lately . In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDSGD , published in members area of the website. As our members know, USDSGD is showing bullish impulsive sequences in the cycle from the 12/31 low calling for further rally. Consequently, we advised members to avoid selling USDSGD and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
USDSGD 1 Hour Elliott Wave Analysis 2.11.2020
Current view suggests the cycle from the 1.3437 low remains in progress as 5 waves structure. Currently we’re doing wave (4) blue pull back that is labeled as Elliott Wave Zig Zag Pattern. Correction is already showing 3 waves down from the peak. However we believe another minor swing down can be seen to complete 5 waves down in C red leg . At the marked Blue Box area : 1.38542-1.38229 area we expect buyers to appear for proposed rally or 3 waves bounce at least. We don’t recommend selling it and favor the long side. As the main trend is bullish, we expected to get a 3 waves bounce from the Blue Box at least. As soon as the price reaches 50 Fibs against the B red high, we should make Long Positions risk free.
You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.
USDSGD 1 Hour Elliott Wave Analysis 2.17.2020
The pair gave us another minor swing down toward blue box and completed pull back at the 1.3846 low. Buyers were strong enough to break above previous peak, confirming next leg up is in progress. Now as far as 1.3846 low holds, we expect further rally in the pair. Members who took long trades from the Blue Boxes should be already risk free.
USDSGD 1 Hour Elliott Wave Analysis 2.28.2020
1.3846 low held nicely during the short term pull back and we got further rally in the pair as expected. Current view suggests USDSGD ended 12/31 cycle at the 1.40877 peak as 5 waves structure. Short term structure from that high can be unfolding as Elliott Wave Diagonal.
Some labels have been removed from the chart in order to protect clients’ privileges. You can check most recent charts in the membership area of the site. Keep in mind market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast