GBP/SGD Trading Analysis (06/09/2024)

The trend is up. The currency pair is trading in the range between 365 and 135 EMA. The downward wave structures are truncated. There is bullish divergence on the Awesome Oscillator, and the moving averages of the Stochastic Oscillator are out of the oversold zone.

Trading idea:

• Buy when the formation of the ascending wave structure begins, when the wave A breaches the sloping channel of the downward truncated structure.
• Stop-loss at 1.7104 (under the local minimum of the descending structure).
• Price targets at 1.7170 and 1.7264. 

#gbpsgd #gbp #sgd #forex #forextrading #forextradingstrategies #forexmt5