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SGDUSD - ANALYSIS
The Singapore Dollar (now at 1.2457 ) is set to temporarily climb to the area 1.2577-1.2681 or even 1.2608-1.2615 (see daily chart), before resuming the main downtrend started on Jan 23.
The present level (1.2457 ) seems to be a good entry point for a long. Similarly, the top in the area 1.2577-1.2681 (or maybe the area at 1.2608-1.2615) could be your entry point for a very good short.
The USDSGD should be able to get to 1.22 before staging the next significant retracement.
TARGETS:
topping soon at:
likely: 1.2577-1.2681
possibly: 1.2608-1.2615
Then down to:
likely: 1.22
possibly: 1.19140
ELLIOTT WAVES
The weekly chart reveals that the triangle ended with "wave e" and stared a downtrend from there.
The daily chart displays only 3 waves down (of 5) and the development of the two-step-patterns up to 1.2577-1.2681 or 1.2608-1.2615.
Weekly chart - click to enlarge
Daily chart - click to enlarge
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