Current USD/SGD is oversold and trades at the bottom of its range.
Match Sing – Apore against MYR, the Malaysia Ringgit as SGD/MYR then the famously named Sing / Ring currency cross is created.
Bottom of the range means not only 1.3092 and 1.3087 but bottom of a multi year range. Long is the only direction as shorts are impossible.
The big break point for longs to see USD/SGD higher is 1.3197 and a break targets many and massive resistance points at 1.3300’s starting at 1.3303 and up to the 5 and 10 year averages at 1.3357 and 1.3368.
Longs must trade to 1.3181 yet must cross above 1.3141, 1.3158, 1.3171 then 1.3184. Overall, higher in USD/SGD represents a correction as price remains below 1.3762 and 1.3606.
The long trade despite resistance and 50 ish pips involved is forced upon USD/SGD as it lacks ability to travel lower
Last post reported EUR/JPY top at 133.11, it held at 132.90. GBP/JPY dead stopped at 152.09 and as mentioned GBP/JPY had to trade back to 152.76 and it traded to 152.68. GBP/USD mentioned had to trade back to 1.4233 from 1.4172 lows and it traded to 1.4246.
To know a target price is to know how to trade a price and this is completed by either hold to target or trade multiple times in the direction of the target.
A far better long trade is USD/PLN from its current 1.3635 price.
As in USD/SGD, the long in USD/PLN represents a correction higher as long as price remains below 3.3927 and 3.4213.
Above 3.4213 targets 3.4314, 3.4435, 3.4739 then wide open to 3.5069 and challenge to the 5 year average at 3.5471.
Target on the long is 1.3719 and just shy of the next vital break point at 3.3816. Overall, current range is located from 3.3535 to 3.3816.
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