The Singapore Dollar.

Good morning Dynamic Traders,

Todays chart for you to analyse is of the SGD on the daily timeframe.

Price action sees this pair back at former support which has held about three times in the past on the area of chart shown, and so as Javid says you will only be wrong once and so a punt to the upside could be in order, as a possible bounce could be seen here.

However, should a break occur to the south then further movement could be seen downwards as the overall trend is down with recent consolidation after the big move.

Get Stochastics is showing false bars at the bottom of the indicator implying a downtrend possibly in progress which we can see but there is not one developing as yet for the current price action.

Use your rules for this whichever way it should go but as always please ensure to do your own analysis before taking any trade.

Charts courtesy of AdvancedGet.

Have Fun.

Clayton Farnworth.