Today I am looking at the USDSGD on the four hour timeframe at possibly taking a short position should confluences dictate.
As can be seen from the image below there has been both longer and shorter term divergences on the MACD indicator and the same on the RSI.
Price action currently stands at a fibonacci cluster reversal zone although there is also a cluster at a higher level which is just north of the figure.
Depending on your stance a managed entry could be put into the the market now but would have a larger SL, or if you wish to be more conservative wait to see if more confluences come together, which is what I am doing.
As always please do your own analysis before taking any trades.
As can be seen from the image below there has been both longer and shorter term divergences on the MACD indicator and the same on the RSI.
Price action currently stands at a fibonacci cluster reversal zone although there is also a cluster at a higher level which is just north of the figure.
Depending on your stance a managed entry could be put into the the market now but would have a larger SL, or if you wish to be more conservative wait to see if more confluences come together, which is what I am doing.
As always please do your own analysis before taking any trades.
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