USD/SGD selling the rallies at the Blue box zone

Elliott Wave Forecast Team ElliottWave-Forecast.com

USD/SGD is another pair that has given us nice trading opportunity lately. The pair has been showing lower low sequences in the cycle from the 1.3531 peak. Recently it made clear 3 waves bounce and found sellers as we were expecting. As our members know when market is trending, blue boxes are very reliable and giving us good trading opportunities. 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.

USD/SGD Elliott Wave 1 Hour Chart 6.3.2021

Cycle from the 1.33607 peak shows 5 waves and the pair is now correcting it. Recovery looks incomplete at the moment, suggesting more upside toward Blue Box area: 1.3274-1.3312. At the Blue Box area sellers should ideally appear for further decline or pull back at least. Once the price reaches 50 fibs against the (x) blue low, we should make short positions risk free. As our members know Blue Boxes are no enemy areas, giving us 85% chance to get a reaction.

USD/SGD Elliott Wave 1 Hour Chart 6.4.2021

USD/SGD found sellers right at the blue box : 1.3274-1.3312 area. The pair gave us nice decline from there. The price has already reached 50 fibs against the B red low. Members who sold the pair at the blue box area now enjoying profits in a risk free trades. We took partial profits and put Stop Loss at Break Even. Now, we expect to see further separation down from the 8.64407 peak . We would need to see break of 06/01 low to confirm next leg down is in progress. Otherwise if 1.329 pivot gives up, we can still be in the larger recovery.

USD/SGD Elliott Wave 1 Hour Chart 6.13.2021

At this stage we see 03.31 cycle completed in Dollar index. Consequently USDSGD can also have equivalent cycle completed. The pair can be also doing larger correction toward 1.33029-1.33267 area. At that zone we expect sellers to appear again for a 3 waves pull back at least.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.