USD/SGD has made a small Double Top chart pattern and this was accompanied by MACD bearish divergence. Price has broken below the neckline of the Double Top chart pattern and the target for this Double Top chart pattern is at 1.4360. There is also a uptrend line that started on 13 Mar and if this trendline is broken, there is also downside potential
We are looking at 2 possible price target. The first is the Double Top price target at 1.4360. Another possible target is at the previous resistance turned support at 1.4318. Risk to this trade is the current strong US dollar basis. Stop should be place 1.4490 (40 pips stop)