Hello fellow traders. USDSGD is another forex pair that we have been trading lately. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDSGD.  USDSGD is showing bullish impulsive sequences in the cycle from the 12/31 low calling for further rally.  Consequently, we advised against selling USDSGD and to keep on buying the dips in the sequences of 3,7,or 11 swings whenever one gets chance. Further in the text we’re going to explain our Elliott Wave Forecast and Trading strategy.

USDSGD 1 Hour Elliott Wave Analysis 2.11.2020

Current view suggests the cycle from the 1.3437 low remains in progress as a 5 waves structure. Currently we’re doing wave (4) blue pull back that is labeled as an Elliott Wave Zig Zag Pattern. Correction is already showing 3 waves down from the peak. However we believe another minor swing down can be seen to complete a 5 waves down in the C red leg . At the marked Blue Box area : 1.38542-1.38229, we expect buyers to appear for a proposed rally or a 3 waves bounce at least. We don’t recommend selling it and favor the long side. As the main trend is bullish, we expected to get a 3 waves bounce from the Blue Box at a minimum. As soon as the price reaches 50 Fibs against the B red high, we should make Long Positions risk free.

USDSGD 1 Hour Elliott Wave Analysis 2.17.2020

The pair gave us another minor swing down toward the blue box area and completed pull back at the 1.3846 low. Buyers were strong enough to break above the previous peak, confirming the next leg up is in progress. Now as far as 1.3846 low holds, we expect a further rally in the pair. Those who took long trades from the Blue Boxes should be already risk free.

USDSGD 1 Hour Elliott Wave Analysis 2.28.2020

The 1.3846 low held nicely during the short term pull back and we got a further rally in the pair as expected. Current view suggests USDSGD ended the 12/31 cycle at the 1.40877 peak as a 5 waves structure. Short term structure from that high can be unfolding as an Elliott Wave Diagonal.