Wednesday, July 25, 2012

USD / SGD: Wednesday 25th July 2012 14:21hrs

USD / SGD (Singapore Dollar)

This pair is in a long term down trend.

Chart below:



Price is trapped in a negative trend channel.
Price has recently retraced back to the daily 20 ema.

Chart below:

 



Price has now broken back through the averages. I am looking to enter short a short position when price pulls back to the averages, and the stochastic is in an over bought zone.

Levels and Chart below:

1st Entry: 1.2575

2nd Entry: 1.2590

Averaged entry: 1.2582.5

Stop loss: 1.2620

Target: 1.2395



I will update again if and when we are triggered into the trade.

Regards






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