Singapore Dollar: will the “sea lion” reverse?

Market Leader informed

Not many of us know that Singapore (a city, an island and a state) consists of 2 words: singa (lion) and pore (city). Yet Singapore’s most prominent symbol is a sea lion.
For several days this flourishing part of the planet has been suffering from a regional-scale disaster – forest fires in Sumatra. The smoke density has led to a range of problems.
Is it the reason why at the end of the last week SGD stopped growing against USD at 1.2891 and formed an H8 wave against the trend at the beginning of the current week?
Moreover there is a retracement of at least level H4 against the mentioned H8 wave. During Friday’s Asian session USDSGD completed an upward h1 wave. Currently the price is forming a hidden H1 FZR*.
The calculations made for USDSGD by the Department of studying Masterforex-V trading system indicate that a downward price movement with crossing the low will speak in favor of the 5-wave pattern of wave C of level D1 started at 1.4070.
An upward H8 FZR with coming out of the MF Sloping Channel defending the mentioned wave C will result in the formation of either wave 4 of level D1 or the termination of wave C on Weekly chart (if the price goes further upwards and comes out of the MF SC* of the wave).

Today’s news (GMT):
08:00 GER - IFO - Business Climate
11:00 CAD - Bank Canada Consumer Price Index Core
11:00 CAD - CPI
12:30 CAD - Retail Sales Less Autos
12:30 CAD - Retail Sales


S/R levels*:

1.3161 Н8 FZR, 261.8%
1.3135 88.2%, 238.2%
1.3109 76.4%, 200%
1.3077 61.8%, 161.8%
1.3051 50%, 138.2%
1.3024 the current price
1.2941 Н4 FZR
1.2923 88.2%, 111.8%
1.2854 111.8% MN1

Text: Alexandr Bobrov , an expert of the Department of studying Masterforex-V trading system
--
H1 FZR = Fractal-Zigzag Reversal of H1 level
S/R levels = Support and resistance levels
MF SC = Sloping Channel by Masterforex-V

You are free to discuss this article here:   forum for traders and investors