ExoticTrading is a series of analyzes, which is created in collaboration with the broker InterTrader and is published on Comparic every Monday, Wednesday and Friday. The theme as the name suggests are so called- exotic currency pairs.
After more than two weeks of growing, yesterday the strong response of the bears has rejected the downward trend line and the level of 70.7% Fibonacci correction of the earlier declines. Currently the market oscillates between the support of 8.1514 and the downward trend line. Breaking from the triangle in any directions could determine the direction of movement.
For a long time we observe a strong appreciation of the American dollar against the Singapore dollar as a result of which the market overcame some recent local resistance levels. Today’s increases attempt to overcome a very important level of 1.3843, the permanent defeat could open way for growth even in the vicinity of 1.4090.
For nearly two year, the market moved in a downward channel forming flag formation. This week a strong bullish impulse broke the top of the formation as a result of which pair is currently testing an important resistance 8.8160, which defeat could open way for further growth even in the area of 9.1200.