This pair on the day chart looks geared towards a short position as it has just rejected the bulls at the 55ema level just 4 days ago on Monday. The candle today looks indecisive with a long wick on both ends with a relatively short body (at the time of writing) but when looking it together with RSI, it is with high possibility that that the price is still...
Just a follow up and closing to my thread on USDSGD.
Basically everything is on the chart.
I called for a position to go long up to 1.334 in my first post with a stop loss at 1.301. I am revising that stand to go neutral for now because we have met with a nice resistance at the 55EMA as expected. Until further confirmation of an uptrend, i would not enter into...
An update on my previous chart. Monday we saw a huge red candle with a large body and a wick upwards but closed at the bottom with no protruding wick. This is actually a good sign because we got higher highs and lower lows. It went well over 20-pips from the closing of last friday if u decided to go for a short day trade. Tuesday, although a green candle, in my...
Notwithstanding that this pair has been dropping for some time, this pair has reached a support level of 1.314 in June 2015 and has proved to hold strong for the last 4 days. Tuesday, Wednesday and Thursday day chart saw a morning star candle stick pattern forming. In addition, Friday was a rejection candle by the bulls for the price to go any lower as seen from...
