Wednesday, February 11, 2009

USDSGD Spinning Top Formation

It seems a Spinning Top candlestick formation is formed on the USDSGD pair, judging from the last 3-4 candlestick bars - a reversal signal on the recent fall.


The last bar on the right shows that bulls have taken control of the pair - so I think USDSGD has potential to travel further up.

However, in the office today, I realise that the pair is topish at the 1.5110 level. Real selling was observed. The pair will probably try to top 1.5110 again soon. I don't expect it to go the other way to test 1.4900 in this market.

Spot now is 1.5060

My call:
Order to buy from 1.5030.
Take profit at 1.5150.
Stop loss: 1.4900 (9 Feb 09 strong support).

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