USD had been strong post election, but I’m seeing exhaustion from the bulls on this pair. I’d drop into smaller TF and look for opportunity to sell.

USDSGD Daily

Price reached a strong level of resistance that had been respected a few times in the past. Divergence on the daily chart further indicates bulls are getting exhausted.

USDSGD 4hr

On the 4hr Chart, price reacted strongly on that resistance level with a bearish engulfing candle. Bullish candles that appear after the bearish engulfing candle show extreme signs of weakness, leaving wicks on top (another indication of bulls getting rejected at this level).

USDSGD 1hr

On the 1hr chart, I'd like to see the price to break the up trend line and a retest, then I'd look to go short on this pair with the stop above recent high.

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