SGDUSD closes higher for the 4th day in a row


Singapore Dollar/US Dollar (SGDUSD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

SGDUSD closes higher for the 4th day in a row
SGDUSD pushes through Tuesday's high

Overview

Moving higher for the 4th day in a row, SGDUSD ended Wednesday at 0.7361 gaining 14 pips (0.19%). Closing above Tuesday's high at 0.7359, SGD/USD confirmed its breakout through the prior session high after trading up to 13 pips above it intraday.

Daily Candlestick Chart (SGDUSD as at Sep 16, 2020):

Daily technical analysis candlestick chart for Singapore Dollar/US Dollar (SGDUSD) as at Sep 16, 2020

Wednesday's trading range has been 31 pips (0.42%), that's slightly above the last trading month's daily average range of 30 pips. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SGDUSD.

Prices are trading close to the key technical support level at 0.7338 (S1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

As prices are trading close to September's high at 0.7375, upside momentum might speed up should the currency mark new highs for the month.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for SGD/USD. Out of 83 times, SGDUSD closed higher 49.40% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after nine trading days, showing a win rate of 55.42% with an average market move of 0.05%.


Market Conditions for SGDUSD as at Sep 16, 2020

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