Elliott Wave

Elliott wave analysis of USD/SGD for January 13, 2023

analytics63c0e83ecb6ee.jpg

USD/SGD has broken below the S/H/S top neckline at 1.3266. If USD/SGD can close below that level for the week, the top-formation will be triggered for a continuation lower to 1.2098 and possibly even lower longer term.

The former support at 1.3266 will now act as resistance, but we can allow for USD/SGD to move a bit higher to resistance at 1.3455 without questioning the top formation.

The material has been provided by InstaForex Company – www.instaforex.com