Is Singapore Dollar going to reverse its trend?

Market Leader informed

Yesterday in Seoul, South Korea, there was the opening of the G20 summit. The main issue discussed at the summit is how to stop “currency wars”, i.e. the competitive devaluation of numerous national currencies.

In the meantime, we are probably witnessing the beginning of the mid-term reversal of USDSGD at Forex. During the Asian session the price formed an upward H4 FZR*. Within the scope of wave C on H4 there are completed waves A and B of level H1. Wave C of the same level is still in the process of formation.

According to the Department of studying Masterforex-V trading system , the future movement of the currency pair will follow one of the following 2 scenarios:

·         Coming out of the MF Sloping Channel and breaking through the MF pivot at 1.3069, followed by the confirmation of other MF binary patterns, will terminate the entire bearish wave started at 1.4070.

·         For the downward scenario the price will need to shape the MF reference point and get over the MF pivots at 1.2889 and 1.2846, completing the whole bullish wave of level H8 started at 1.2815.

·          

Nov 12^th. Expected news (GMT):

07:00     GER - Prelim GDP

10:00     EU - Prelim GDP

10:00     EU - Industrial Production

14:55     USA - U. of Michigan Confidence

 

 

 

 

 

Levels of support and resistance:

1.3069 MF pivot

1.3029 61.8%, 188.2%

1.2988 50%, 150%

1.2977 the current price

1.2889 MF pivot

1.2846 MF pivot

1.2815 Н8 base

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H4 FZR = Fractal-Zigzag Reversal of H4 level

 

 

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