GBP/SGD Trading Analysis (25/07/2023)
The trend is up. The currency pair is trading in the range between 365 and 135 EMA. The downward wave structure is truncated. There is bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator and the RSI indicator signal the oversold condition.
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 1.7318 under the local minimum of the downward structure.
- Price targets at 1.7400 and 1.7473.
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