USD/SGD Trading Analysis (11/07/2024)

Bears are testing the lower border of the ascending price channel. The downward wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition. The trading advice on the middle-term: buy swap is positive.

Trading idea:

• Buy when the formation of the ascending wave structure begins, when the wave A breaches the sloping channel of the descending truncated structure.
• Stop-loss at 1.3473.
• Price targets at 1.3541 and 1.3590.

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