Is USD weakening now?

I have voted on 19th Nov 2022, and I thought that was it and I would refocus on chart. Apparently, I was wrong, because new issues continue to emerge as the result led to no one political alliance managed to gain even a simple majority, and they cannot work with one another due to their past crossing of swords. I have given an update in Hung parliament? Coalition government? Minority Government? in my other blog. Now it leads to the Agong has to hold a meeting with council of Sultan as this has never happened before in Malaysia. 

Now back to charting, I have an update on SGD a while ago titled Monetary intervention on SGD and a case for the currency (16th Oct 2022). It seems that USD has fallen further since my update.

Fig 1. SGD Weekly Chart

In my last update, I mentioned the possibility that it may fall till its 8-week moving average and worse 55-week moving average. It did not stop at 8, 21 or 55-week moving average, not even 89-week, but 144-week moving average. It closed below its 89-week moving average by the end of the week. 

The descent is steep and at present, and to me, the short bar in previous week is a possible sign of a short pause. Plus, the behavior of its previous ascension was mor gentle and I suspect it is a counter wave, considering that it also did not cross the previous high.

I can estimate with a zig zag pattern the projection supports are between 1.300 to 1.3569.

There is another support level that I am with some hesitation. The pattern formation has not yet completed. It is a POSSIBLE head and shoulder. However, I can draw an assume neckline for this and if it crosses with conviction, I will see a firm formation.

For the time being, I use the expansion measurement deducing the support at 1.166.