USD/SGD Technicals – Potential Double Top Formation as price trades below 1.26

Posted by on Jun 19, 2013 | 36 Comments

You might also like:

4 Hourly Chart

 USD/SGD Technicals – Potential Double Top Formation as price trades below 1.26

USD/SGD rallied yesterday during US trading hours despite the weakening of USD that was spotted on majors such as AUD/USD and EUR/USD. This should be a sign that bullish sentiment is strong, but they met an equal match when price hit 1.2625 – the previous swing high back on 10th Jun and the structural support back in late May. Bears sent price scurrying below 1.26, and currently price is trading within the consolidation range of 12th Jun between 1.253 and 1.258. Stochastic curve is pointing firmly down with a fresh bearish signal as Signal line has just recently peeked below 80.0, suggesting that a bearish cycle is starting now. However, it is possible that the rising trendline will be able to provide some form of support around 1.255. If the level is broken, the likelihood of a double top formation increases but price will ultimately need to clear 1.25 for a double top scenario which may lead to 1.24 and potentially beyond.

This has been mentioned on numerous occasion, that SGD tends not to be volatile and unmoved as fundamentals of Singapore tended not to shift wildly. Furthermore, MAS has been taking a hands off approach to SGD’s recent strength, and is likely to remain so even after October’s policy meeting. Hence the main driver of USD/SGD remains firmly in the seat of USD. That being said, yesterday’s rally showed that technical pressures cannot be ignored either, which implies that a break of 1.255 and the confirmation of a double top pattern may potentially drive prices strongly.

With regards to USD fundamentals, there are good reasons to believe that USD’s recent weakness can be attributed to the easing of Fed’s QE tapering rumors. This would mean that USD may be the surprise winner tonight should FOMC announcement turned out to be less dovish than expected. In theory, that should mean a higher USD/SGD in such an event, but if USD/SGD remain unmoved or instead head lower, the case for strong technical bears will be convincing and we may see the Double Top pattern come to fruition.

More Links:
GBP/USD – Pound Falls as UK Inflation Remains High
USD/CAD- Greenback Edges Higher, Crosses Above 1.02
USD/JPY – Dollar Moving Higher Ahead of Key US Releases

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

fxtradenow wide wtext USD/SGD Technicals – Potential Double Top Formation as price trades below 1.26

Source Article from


  1. Hello, I enjoy reading all of your article post. I wanted to write a little comment to support you.

  2. Nice replies in return of this question with real
    arguments and describing the whole thing on the topic of that.

  3. Admin Admin says:

    thank so much!

  4. Zandra says:

    Hi there to every one, since I am in fact eager of reading this blog’s post to be updated regularly. It contains pleasant stuff.

  5. Hi there i am kavin, its my first occasion to commenting anywhere, when i read
    this post i thought i could also make comment
    due to this good post.

  6. Admin Admin says:

    Thank Kavin. Good luck!

  7. I enjoy reading an article that can make men and women think.

    Also, thank you for permitting me to comment!

  8. Wow, that’s what I was looking for, what a data! existing here at this website, thanks admin of this web page.

  9. Admin Admin says:

    thank so much! good luck!

  10. Have you ever thought about adding a little bit more than just your articles?
    I mean, what you say is fundamental and everything. However imagine if you added some great images or video clips to give your posts more, “pop”!
    Your content is excellent but with pics and videos, this website could certainly
    be one of the best in its niche. Good blog!

  11. Admin Admin says:

    thank for comment! good luck!

  12. says:

    Definitely consider that that you stated. Your favorite reason appeared to be at the web the simplest factor to have
    in mind of. I say to you, I definitely get irked while other people think about worries that they just don’t recognize about. You managed to hit the nail upon the top and defined out the whole thing without having side-effects , other people could take a signal. Will likely be again to get more. Thank you

  13. Toby says:

    I for all time emailed this webpage post page to all my friends, for the reason that if like to read it then my links will too.

  14. Admin Admin says:

    thank so much! have a nice day!

  15. It’s in fact very complicated in this full of activity life to listen news on Television, therefore I only use the web for that reason, and take the newest news.

  16. Hello there! This post couldn’t be written any better! Reading this post reminds me of my previous room mate! He always kept chatting about this. I will forward this write-up to him. Pretty sure he will have a good read. Thank you for sharing!

  17. Admin Admin says:

    thank you!

  18. Kimberly says:

    Hello there! This post couldn’t be written any better! Reading this post reminds me of my previous room mate! He always kept chatting about this. I will forward this page to him. Pretty sure he will have a good read. Thanks for sharing!

  19. Hi there to every body, it’s my first go to see of this webpage; this blog carries remarkable and actually excellent data in support of readers.

  20. Very nice post. I just stumbled upon your weblog and wanted to
    say that I’ve really enjoyed surfing around your blog posts. After all I will be subscribing to your feed and I hope you write again soon!

  21. Hello there, just became aware of your blog through Google, and found that it’s truly informative. I am going to watch out for brussels. I will appreciate if you continue this in future. Lots of people will be benefited from your writing. Cheers!

  22. Admin Admin says:

    thank. good luck!

  23. Everything is very open with a clear explanation of the challenges.
    It was truly informative. Your website is useful. Many thanks for sharing!

  24. Hello to all, how is all, I think every one is getting more from
    this website, and your views are nice designed for new viewers.

  25. Admin Admin says:

    thank so much!

  26. online bingo says:

    I’m really impressed with your writing skills as well as with the layout on your weblog. Is this a paid theme or did you modify it yourself? Either way keep up the excellent quality writing, it’s rare to see a nice blog like this one today.

  27. Admin Admin says:

    thank! good luck!

  28. I think the admin of this web page is really working hard for his website,
    because here every stuff is quality based material.

  29. Thanks for ones marvelous posting! I quite enjoyed reading it, you’re a great author.I will make sure to bookmark your blog and definitely will come back later on. I want to encourage you to ultimately continue your great job, have a nice day!

  30. Liza says:

    This site truly has all of the information I wanted concerning this subject and
    didn’t know who to ask.

  31. I for all time emailed this weblog post page to all
    my contacts, because if like to read it next my friends
    will too.

  32. Admin Admin says:

    thank so much!

  33. It’s very simple to find out any matter on web as compared to books, as I found this post at this site.

  34. autotrader says:

    Hi there, its pleasant post regarding media print, we all be aware of
    media is a impressive source of data.

  35. I need to to thank you for this fantastic read!
    ! I certainly enjoyed every bit of it. I’ve got you book marked to look at new things you post…

  36. I like the valuable information you provide in your articles.
    I will bookmark your blog and check again here regularly.
    I’m quite certain I will learn lots of new stuff right here! Best of luck for the next!

Leave a comment

− four = 2



You can subscribe by e-mail to receive news updates and breaking stories.