SGDUSD catching it's breathe

Good Evening Dynamic Traders

I hope you've all had a great start to the trading week!

Let's take a look at the SGDUSD daily chart this evening. You can see price is trending in a nice southerly fashion. Since early June, after breaking below the VI, price consolidated and didn't present many opportunities for the swing trader. That is until we had the breakdown of the squeeze formation earlier this month. This is a great example of BOB ESLT strategy and some of you may already be in the trade and managing your positions nicely. As expected price very rarely continues in one direction and usually needs to catch its breathe along the way.
















As you can see price tagged the RN last week and then retreated north. We may well see a bearish flag formation, favouring a continuation down. Keep an eye on those fib levels - they will always aid you. The other scenario is we may see a deeper pullback where price retests support as resistance. It may even go further north to it's former comfort zone - the market could do anything! Whatever the case may be, remember the downtrend is on our side. This pair is worth keeping an eye on to ensure we catch the next potential wave.

Here's to great trading!

Sonia Molina