The USD is breaking up....ward

I haven't been blogging for a while, again. There have been numerous interruption in my life lately, small ones, like my parents' visit, my son's and daughter's school activities and so on.

Well, I am now back at my frequently visited Starbucks Café with a Grande coffee beside me in the morning working on my charts while waiting for my son on his "enrichment" programme. Some time it makes me wonder if he really understand what the "enrichments" are for and certainly it goes against my principle of giving him free will since this is not his choice while I feel that it is important for his future.

Anyway, back to charting. First to fire off is SGDxUSD, a very interesting move this week due to RMB devaluation.

 Fig 1 SGD USD weekly chart

I have started blogging about this counter since months ago and foreseeing a rise in USD against SGD, and that the retracement of the counter to the neck line before clinching up to its objective.

Well, it happened ad is still happening. It touched its neckline @ 1.32 and bounced. I did recall an earlier entry with worry that it might break its neckline and go further down, seems like I need to be more confident with what the major move has shown me.

It has now in fact broken away and passed its previous high of 1.395. My guess is that it will move towards its target of 1.45 and may be even passes this point.

All we need to wait now is for it to reach its target, that is if you are already in the position.