USDSGD

After breaking under the support area the pair has rallied to an important area of resistance from where the price has retraced several times in the past and has formed a big bearish candlestick. I am expecting it to retrace all the way to the support area where the price has bounced from several times in the past

Commentaire:

Very interesting price action. The pair rebounded and I was ready to exit if it closed above resistance ( yellow line ). Price kissed it and reacted with a strong bearish momentum. The retracement was stronger than I would have liked to see if Im honest. This can mean 2 things :
- The pair will continue lower to our target giving us some really nice profits (as it should do!)
- The pair will consolidate near the top and break the resistance.

My plan remains the same, if the price breaks and closes above resistance I will be exiting the trade for a loss.