A trading opportunity to buy in GBPSGD

3 thg 7, 2020

Trading suggestion:
There is possibility of temporary retracement to suggested Buy Zone (1.7190 to 1.7070). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

. Beginning of entry zone (1.7190)
. Ending of entry zone (1.7070)

Midterm forecast:
While the price is above the support 1.7070, beginning of uptrend is expected.
We make sure when the resistance at 1.7720 breaks.
If the support at 1.7070 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
The ascending flag taking shape suggests we will soon see another leg higher.
The RSI bounced from the support #1 at 35 and it prevented price from more losses.
A trough is formed in daily chart at 1.7070 on 06/29/2020, so more gains to resistance(s) 1.7430, 1.7605 and maximum to Major Resistance (1.7720) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 49.

Take Profits:
TP1= 1.7430
TP2= 1.7605
TP3= 1.7720
TP4= 1.7855
TP5= 1.8080
TP6= 1.8275
TP7= Free