USDSGD - Upward Channel going to be retested

Saturday, 2018-10-27

The 4-hour-chart of the USDSGD shows a V-Pattern (light blue V-like sketch in the middle of the chart) which began to evolve in early November last year. The upmove of the V-Pattern also established a new Upward Channel (gray channel) in April. The V-Pattern was completed when it hit Resistance (red line) by the end of June. In July price began moving sideways along the till then valid Resistance Line (red line) around 1,37156. In early October that Resistance was broken and finally turned into Support after a retest in mid-October. Since then price has been consolidating between its Yearly High and the Main Support Line at 1,37156 (red line). The Breakout Line (light green line) connects the Yearly High from October with October's Lower High and belongs to the Flag-like structure whose Flagpole (green line) follows the upward move that started early October and broke the then still Resistance (red line) which has become Support recently. The Flag displays a Retracement of 57 %.