Singapore Dollar / Canadian Dollar
شراء

SGDCAD: Price Holds Above Daily HTL

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Key Observations

Daily Timeframe:
  • Price tested this daily HTL as resistance a few times. The last break was very strong.
  • After price reverted below this daily HTL, it did not make a new lower low. Instead, it traded above this level rather quickly.
  • Overall, this gives me an indication that selling pressure is weakening.


H1 Timeframe:
  • Price crossed below EMA20, but this was shortlived
  • As price exits the EMA band, this is an indication that momentum might pick up
  • Realistically, I might close this trade and re-open in order to bypass the the 5PM rollover spike in spreads

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