Wed, Oct 05, 2022 @ 15:48 GMT
HomeContributorsTechnical AnalysisUSDSGD Elliott Wave : Buying The Dips At the Blue Box Area

USDSGD Elliott Wave : Buying The Dips At the Blue Box Area

USDSGD is another instrument that has given us trading opportunity lately . Break of November 2021 peak made bullish sequence in the cycle from the January 2021 low. The price structure is suggesting further rally within that cycle. We recommended members to avoid selling the pair at this stage while favoring the long side. Recently the pair made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of USDSGD published in members area of the website and explain the Elliott Wave structure and trading strategy.

USDSGD Elliott Wave 1 Hour Chart 05.04.2022

Current view suggests USDSGD is doing 4 red pull back against the 1.35965 low. We believe correction can still be in progress. The price is showing incomplete lower low sequences in the short term cycle from ((x)) peak- 05.02 , suggesting more downside toward blue box area : 1.3756-1.3678 . As the main trend is bullish we expect buyers to appear at the blue box for 3 waves bounce at least. Strategy is the same as always, once bounce reaches 50 Fibs against the ((x)) black high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break of marked invalidation level 1.3678.

USDSGD Elliott Wave 1 Hour Chart 05.06.2022

USDSGD has found buyers at the Blue Box area and we are getting good reaction from there. Pull back made clear 7 swings and completed at 1.37225 low. The rally from the blue box reached and exceeded 50 fibs against the ((x)) connector. Consequently, members who have taken the long trades at the blue box now enjoying profits in a risk free trades. Now we would need to see break of 1 red peak in order to confirm next leg up is in progress. Once the pair breaks above 1 red peak ( 04/28), the pair will become bullish again in near term and might offer some new buying opportunities in the short term dips against the 1.37225 low.

Elliott Wave Financial Service
Elliott Wave Financial Service
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading