USDSGD Elliott Wave : Buying The Dips At the Blue Box Area

USDSGD is another instrument that has given us trading opportunity lately . Break of  November 2021 peak made bullish sequence in the cycle from the January 2021  low.  The price structure is suggesting further rally within that cycle. We recommended members to avoid selling the pair at this stage while favoring the long side.  Recently the pair made clear 3 waves  pull back and found buyers at the blue box as we expected.  In this technical blog we’re going to take a quick look at the charts of USDSGD published in members area of the website and explain the Elliott Wave structure and trading strategy.

USDSGD Elliott Wave 1  Hour  Chart 05.04.2022

Current view suggests USDSGD is doing 4 red pull back against the 1.35965 low. We believe correction can still be in progress. The price is showing incomplete lower low sequences in the short term cycle from ((x)) peak- 05.02 , suggesting more downside toward blue box area : 1.3756-1.3678 . As the main trend is bullish we expect buyers to appear at the blue box for 3 waves bounce at least. Strategy is the same as always, once bounce reaches 50 Fibs against the ((x)) black  high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break of marked invalidation level 1.3678.

As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.


USDSGD Elliott Wave 1  Hour  Chart 05.06.2022

USDSGD  has found buyers at the Blue Box area and we are getting good reaction from there.  Pull back made clear 7 swings and completed at 1.37225 low. The rally from the blue box reached and exceeded 50 fibs against the ((x)) connector. Consequently, members who have taken the long trades at the blue box now enjoying profits in a risk free trades. Now we would need to see break of  1 red peak in order to confirm next leg up is in progress. Once the pair breaks above 1 red peak ( 04/28), the pair will become bullish again in near term and might offer some new buying opportunities in the short term dips against  the 1.37225 low.

Keep in mind that market is dynamic and presented view could have changed in the mean time.  You can check most recent charts in the membership area of the site. 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