USDSGD Forex cross pair is in a clear downtrend creating new supply levels on the way down. As supply and demand traders, we should be interested in trading very strong impulses that end up creating new supply and demand imbalances. Price action together with supply and demand technical analysis is the perfect combination.
Trading is a waiting game where we should be stacking as many odds in our favour as possible. Being impatient will end up getting you in trouble by chasing the trades and causing unnecessary losses. USDSGD cross pair forecast is clearly bearish with very strong supply levels created around 1.36 and 1.37. There is still room for price to keep on dropping further.
The US Dollar and Dollar Index DXY is getting weaker in most Forex Cross Pairs, this is helping USDSGD Forex cross pair to drop as it does creating new supply levels on the way down.
The attached Forex USDSGD chart represents the daily timeframe, it shows us there is a clear downtrend on the daily timeframe. But… there is always a but… We can’t plan a trade based on a single timeframe, we need more information about the bigger picture trend and bias, we could be trading shorts at daily supply imbalances with a monthly uptrend, that’s not a good idea. We are expecting price to rally stronger very soon, that daily supply level around 1.3694 will most likely be invalidated by the daily and weekly trends by the time price reaches the imbalance. We must pay attention to other timeframes, a single timeframe is not enough to make a trading decision, neither on Forex not Stocks.
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