Elliott wave analysis of USD/SGD for January 11, 2021

Click here to see our January 5 post), we call for a bottom near 1.3123 from where a new impulsive rally towards 1.4562 and ultimately above should be expected. We saw USD/SGD bottom just above our ideal target at 1.3154 and we are now looking for a break above key-resistance at 1.3404 to confirm that wave B has completed and the new impulsive rally is unfolding for a rally towards 1.4562 in the months to come.

We must stress, that as long as key-resistance at 1.3404 remains untouched a final dip closer to 1.3123 can't be excluded, but the probability for that outcome seem low at this point.

Trading recommendation:

If you are long USD then place you stop at 1.3100 or else buy a break above key-resistance at 1.3404 and use the same stop.