USD/SGD is moving down inside the clearly formed Down Channel chart pattern identified by Autochartist. The Clarity of this chart pattern is rated at the high 8 bar level while the Uniformity is measured at the 5 bar level. Low Initial Trend value (2 bars) corresponds to the range-bound price action that developed as the price approached the long-term down trend line passing through the first connecting point of the upper resistance line of this Down Channel. This chart pattern continues the prevailing down-trend visible on the daily, weekly and the monthly charts. The second connecting point for the lower support line of this Down Channel formed near the previous low at 1.2813 (which reversed the preceding downward impulse). The price is expected to continue the downward movement in the near future.
As can be seen from the PowerStats chart below, the bottom of the daily Expected Price Range for USD/SGD chart stands at the 1.2824 level. This level is located very close to the previous low near the round price level 1.2800, which heightens the chances that the pair will re-test this round price level in the nearest time.
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