Trading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (1.82290).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPSGD is in a range bound and the beginning of downtrend is expected.
. The price is above the 21-Day WEMA which acts as a...
This has come to a big monthly supply level that it has rejected from 5 times already. Need to watch closely for a turn lower to short this to the support level that aligns with 0.5 Fibonacci as TP. SL just above the high once price turns lower.
Possible new down trend if 0.236 retracement level is broken.
Retracement to 0.618 line likely.
TP1 1.73152
TP2 1.72717
TP3 1.72283
SL 1.74650
Any feedback welcome.
Trading suggestion:
There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.7190 to 1.7070). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
. Beginning of entry zone (1.7190)
. Ending of entry zone (1.7070)
Midterm forecast:
While the price is above the support...
