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USD/SGD undergoes corrective process

An upward and over extended market, set against the backdrop of a downtrend may swing the USD/SGD buyer-seller pendulum back towards the bears again.

USD/SGD was in sell mode until a recent move changed the shape of the price structure. The 4hr RSI was on average printing below 50% over the last three weeks and recently broke above the 60% mark. This can be considered overbought territory in the context of a full-fledged bear market. Therefore, the present corrective rally is vulnerable for a turnaround from here.

Further, the 50SMA is still below the 200SMA on 4hr charts. However, should the pair extend its recovery from multi-week lows into a new trend, traders may require a contingency plan in place.

USD/CAD powerful rally threated

USD/CAD powerful rally threated
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USD/CAD extends gains after BoC and Poloz, at 2-week highs

USD/CAD gained momentum after the Bank of Canada left internet rate unchanged and lowered GDP growth projections. The pair jumped to 1.3080 and then rose further. Recently reached at 1.3134, the strongest level in two weeks.
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