FX.co ★ USD/SGD: downside reversal

USD/SGD: 1.3541 Obstacle Breakdown!

The currency pair is trading at 1.3528 at the time of writing. As you can see on the H1 chart, the rate dropped below the uptrend line signaling that the upwards movement (uptrend) ended and that the price could drop again.

Now, it has dropped below the former low of 1.3541 which represented a downside obstacle as well, indicating a larger drop.

USD/SGD Trading Conclusion!

Dropping below 1.3541 was seen as a selling opportunity as the rate could extend its downside movement.