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Weekly forecast Australian Dollar / Singapore Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.88524 to 0.87720). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (0.88524)
  • Ending of entry zone (0.87720)

DateMay 21, 2023 - 21:59
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.87720, beginning of uptrend is expected.
  • We make sure when the resistance at 0.90882 breaks.
  • If the support at 0.87720 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.8858 on 2023-03-10 and the trough at 0.87718 on 2023-04-28, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 0.88515 on 05/15/2023, so more gains to resistance(s) 0.89650 and maximum to Major Resistance (0.90882) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 52.

Take Profits:

  1. 0.89650
  2. 0.90882
  3. 0.91652
  4. 0.92568
  5. 0.93807
  6. 0.95324
  7. 0.96543
  8. 0.97552
  9. 0.99724
  10. 1.01573
  11. 1.03135
  12. 1.05212
Click on the level to view price action history.