Euro Dollar ... and SGD1.50 it shall be

To me, it is really fun reading charts, it is even more fun when I find that I am right. It gives me a sense of achievement.

I have blogged about  Euro earlier mentioning of a downward wedge with target of SGD1.50. So here it is.

Fig 1 SGD Euro Weekly Chart

The last time I looked at this counter, it was April 2015 before I went for my Business trip. I sill remember I exchanged Euro for SGD1.48 (meaning Euro probably at SGD1.46). Reading back my blog then, I estimated SGD1.50 as the objective. That was when the counter have not yet broken out of the wedge formation.

As I look at today's weekly chart, well, it is not on the dot, but some where near. This is because of a resistance formed during July 2012. So the question now is' "are we there yet?"

Now that I have the break out point, the objective will need some adjustment. With the same measurement but different breakout point, the objective actually move toSGD1.56. At this moment, it coincide with one of the Fibonacci's fan line. I believe that it will meet the fan line and hover around it while continue with its descent.

Referencing the indicators (Stochastic & RSI). While there are reversal, I think it may be a mid way retracement. Both indicators have shown divergence during wedge formation, my feeling is that this counter has not reach its final destination, there is still more up-trend to follow before t goes down again.