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Weekly forecast US Dollar / Singapore Dollar technical chart
Symbol USDSGD

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Trade Setup
#USDSGD
Total Profit: -259 pip
Closed trade(s): 0 pip Profit
Open trade(s): -259 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 1.3459 based on 'Hammer' entry method at 2020.11.09.

Open Profit:
Profit for one trade is 1.3422(current price) - 1.3459(open price) = -37 pip
7 trade(s) still open, therefore total profit for open trade(s) is -37 x 7 = -259 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateNovember 21, 2020 - 17:48
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.33300, beginning of uptrend is expected.
  • We make sure when the resistance at 1.38850 breaks.
  • If the support at 1.33300 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 1.3549 on 2020-09-01 and the trough at 1.3512 on 2020-10-22, 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 1.3510 on 10/22/2020, so more gains to resistance(s) 1.3435, 1.3455, 1.3550 and maximum to Major Resistance (1.3885) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 33.

Take Profits:

  1. 1.3550
  2. 1.3675
  3. 1.3785
  4. 1.3885
  5. 1.4270
  6. 1.4635
Click on the level to view price action history.