What's become of USD vs SGD?

I don't recall when my last up-date on USD vs SGD was. All I remember was that I was relatively bullish on this forex. So what has become of USD vs SGD?


Fig 1 USDvSGD Weekly Chart

Actually, I find it a little disgusting when looking at USD on weekly basis. It has made attempts to move up but every time it did that, it retraced. It went as low as 13,647, near the lowest point of 13,460. For the time being, both RSI and Stochastic are coming lower and are already in the southern half of earth.

The only good thing that I see is that it is presently located at the positve gradient of Gann Grid lines, there is still a chance that it will go higher from here. The 21 weeks moving average is resisting at 13,941 while the 89 weeks at 14,227. With uncertainty on the weekly chart, it is thus worthwhile to look at it on monthly time frame.


Fig 2 USDvSGD Monthly Chart

The monthly chart on the other hand is portraying another story. By zooming out the chart, USD seems to be showing a bottom formation in progress. It is either a double
or tripple bottom, which is it I am not sure. What I am sure of is divergence is seen on Stochastic while RSI is having higher highs. I feel that the down trend is really limited as the Bollinger Band is narrowing which created a scenary of USD vs SGD trading at a narrow band.

I am still having confidence that USD has limited down trend with much potential for reversal. It is however too early at this point to determine its objective because the pattern has not yet established. We will probably have to wait longer for the flower to be full bloomed.