Bearish signals have been issued
USD/SGD has been moving within an ascending channel since 6th of January 2021. The price line has made multiple reactions to the mid, base and top line of the chart. On 8th of March 2022, the price line reached out to the mid line of the channel and then descended about 100 pips, and now the price line is having a retest of the mid line of the channel.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The price line at the moment is on 1.36585 and is reacting to the midline of the channel. The resistances at the current price are the midline of the channel and also the resistance on the previous climax that was formed on the midline on 9th of March 2022. RSI is on 64 at the moment and RSI is issuing heavy negative divergence. MACD is showing weak bullish trend. Traders can be waiting for a descending trigger and then they can target 1.351 , which would be level 0.236 of the Fibonacci retracement and also 1.341 .
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.