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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 (0.86380 to 0.85957). 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 (0.86380)
  • Ending of entry zone (0.85957)

DateNovember 19, 2023 - 05:12
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.85957, beginning of uptrend is expected.
  • We make sure when the resistance at 0.88146 breaks.
  • If the support at 0.85957 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 0.86486 on 2023-08-18 and the trough at 0.85961 on 2023-10-16, 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 peak is formed in daily chart at 0.87960 on 11/15/2023, so more losses to support(s) 0.86380 and minimum to Major Support (0.85957) 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 53.

Take Profits:

  1. 0.88146
  2. 0.89087
  3. 0.89998
  4. 0.90882
  5. 0.91652
  6. 0.92568
  7. 0.93457
  8. 0.94340
  9. 0.95324
  10. 0.96543
  11. 0.97552
  12. 0.99724
Click on the level to view price action history.