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Weekly forecast US Dollar / Singapore Dollar technical chart

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Trade Setup
Total Profit: -571 pip
Closed trade(s): 24 pip Profit
Open trade(s): -595 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 1.3311 based on 'Valley' entry method at 2021.01.11.

Closed Profit:
TP1 @ 1.3335 touched at 2021.02.04 with 24 pip Profit.

Open Profit:
Profit for one trade is 1.3226(current price) - 1.3311(open price) = -85 pip
7 trade(s) still open, therefore total profit for open trade(s) is -85 x 7 = -595 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.

DateFebruary 21, 2021 - 12:52
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 1.2995, beginning of uptrend is expected.
  • We make sure when the resistance at 1.3460 breaks.
  • If the support at 1.2995 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A peak is formed in daily chart at 1.3380 on 02/05/2021, so more losses to support(s) 1.3145, 1.3100 and minimum to Major Support (1.2995) 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 43.

Take Profits:

  1. 1.3335
  2. 1.3390
  3. 1.3460
  4. 1.3675
  5. 1.3785
  6. 1.4035
  7. 1.4635
Click on the level to view price action history.