USD SGD in congestion, small one

While I am writing these entries. A thought came into my mind.

There are many types of bloggers. Some just like to catch attention and the funny thing is that this group of bloggers normally has the highest hit rate and sponsorship. At the same time, I see them as someone causing trouble and creating news all the time.

Another group that I know of are the food bloggers. It is interesting to have a brief analysis of this group of bloggers. I in fact do not see them publishing any of their cooking and all they do is to go around restaurants eating, taking pictures and commenting on others' cooking.

It gives me the feeling that they are insure and in needs of attention. The blogs certainly does not bring in much value. It really does not take much skill in looking, smelling and tasting of food then colourfully describe them. It would however be more amazing if they can duplicate the cooking they like. At least it will show their readers more of their credibility.

Okay, back to charting. This entry is on USD SGD!....again. It is important to know the trend of this counter as most international transactions are done in USD. As such the well being of Singapore's economy does to some extend dependent on USD SGD relationship.

Fig 1 SGD USD Weekly Chart

What I see at the moment is a mild congestion. My final objective of SGD1.45 is still intact as this is a result of years long of pattern forming (bottom formation). The sad thing is that it congests right after it broke the previous high and I am relatively impatient by now. The counter is stopped by one of the support which has now turned resistance @ SGD1.415. The energy level appeared in Dec 2008.

The good part of it is that this wave has yet to complete. The retracement to the neckline earlier completed a minor counterwave and a new wave has started. SGD USD is now on a iii and I sense that it has some way to go before the iv. If I base on candle stick pattern, there is 1 more stick similar in nature before it continues its journey. It is as to why I say congestion.

I would not be surprise if next week is range bound. This will at least allow the indicators to breathe some air, since both Stochastic and RSI are a little on the high side right now. It will need more momentum to break through this resistance level.