Now that SGD reached its 55-week moving average, what is next?

I did an entry titled My cost of petrol went up, but not because of oil..... dated 6th Jan 2024. I estimated at the time that SGD likely to move towards 55-week moving average before continuation downward.

Well, it touched the 55-week moving average 2 weeks ago.

While I want to give an update on SGD then, I hesitated. 

A shooting star was formed but the body was green. I needed more of its movement before I can be clear of its direction. 

I thought of doing it last weekend. Unfortunately, it coincided with universities' open house. My daughter has just completed her polytechnic course and we have to consider the options available for our next step. This used up my 2 days of the weekend.

Nevertheless, it is still not late to include the update today.

Fig 1. SGD weekly chart

Using the set up between 29th Jan 2023 to 9th Jul 2023, I noted that SGD reached its counterwave objective by 1st Oct 2023, justifying its reversal.

It also allows the prediction of a new direction downward (stronger SGD with weaker USD) with support at between 1.23086 to 1.2865. 

SGD is presently clamp between its 8 and 55-week moving averages after its retreat from its 55-week moving average. 

Assuming the possibility that it indeed reverses at this point, breaking the 8-week moving average will allow USD to slip downward with support level between 1.29113 to 1.3147. Level 1.3147 will be crucial as it also meeting the Bollinger band (presently at 1.3133). It may correct at this point.