Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of USDSGD Forex pair , published in members area of the website. As our members know, USDSGD has recently given us 3 waves recovery against the 1.36703 peak. The pair has made a bounce in a 3-wave pattern, when sellers appeared right at the equal legs zone. Let’s break down our Elliott Wave forecast further in this article.
USDSGD H4 Update 06.25.2024
The current view suggests that USDSGD pair is doing a 2 red recovery, which is correcting the cycle from the 1.36703 peak. Proposed recovery can be unfolding as a Elliott Wave Flat Pattern . The price has already reached important technical area at 1.35448-1.36162. We expect potential sellers to appear in this area, which could lead to a further decline towards new lows or a three-wave pull back at least. We do not recommend buying this pair. Instead, we favor short positions from the marked area.
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USDSGD H4 Update 07.28.2024
USDSGD has encountered sellers as expected, resulting in a significant decline from the Equal Legs zone. We believe the wave ((ii)) correction concluded at the 1.35977 high. The pair has broken the previous low, confirming that the next leg down is in progress. We advise against buying USDSGD during any suggested bounce and recommend favoring the short side. The optimal strategy is to sell the rallies in 3, 7, or 11 swings against the 1.35977 pivot.
Remember, the market is dynamic, and the presented view may have changed in the meantime. For the most recent charts and target levels, please refer to the membership area of the site. The best instruments to trade are those with incomplete bullish or bearish swing sequences. We put them in Sequence Report and best among them are presented in the Live Trading Room
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Source: https://elliottwave-forecast.com/forex/usdsgd-elliott-wave-decline/