AUD/SGDLong
A$ "down under" S$
Updated
Look at the 3 triangles highlighted, the first two touches the 61.8 FIB level and rebounded. We are watching closely the candles for signs before buying AUDSGD.
What this means is that the A$ and S$ pair is reaching parity. A$1 = S$1. Parents who are sending their children to Australia to study may be happy as the exchange rate is in their favour. The lower it goes, the lesser S$ is needed to change for A$, so they can remit more A$ with lesser S$ to their children who are studying in Australia, a popular country for education amongst the Asians.
What this means is that the A$ and S$ pair is reaching parity. A$1 = S$1. Parents who are sending their children to Australia to study may be happy as the exchange rate is in their favour. The lower it goes, the lesser S$ is needed to change for A$, so they can remit more A$ with lesser S$ to their children who are studying in Australia, a popular country for education amongst the Asians.
Note
positive confirmation, nice green candle closing higher than previous one. Can buy small or those who need further confirmation await for price action to close above 21EMA. Good luckNote
selling done, buying take over. see the bullish engulfing candle? we are buyingNote
wrong move, looks like selling is not fully done yet......small lossNote
The 61.8 FIB level remains one of the most mysterious indicator to us , haha as it's precise price action movement is really amazing! See how it rebound at the precise line drawn? In some charts like this one, it rebound exactly, in other charts, it might pierce through 100-300 pips lower before it rebound. Thus, to put a pre-buy or pre-sell order, one might get frustrated for missing out the opportunities.
Note
congrats to those who followNote
yes, in forex, one can also do swing trading, holding on for days, weeks or even months. That all depends on each strategy. Others like the thrill of taking money each day so intraday trading may be more suitable. Congrats to those who are still holding. More to come
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