USDSGD Triple Top Pattern Emerges

In Singapore, the currency pair against the US dollar closed on Friday with a triple top pattern indicating a bearish reversal and possible future breakthrough of floor support:Not surprisingly, this pair overshot its RSI into overbought territory and just could not eek above its resistance at 1.3618. This is a real problem for the US dollar now as the price action simply cannot move above this resistance level. Now, strong levels of support remain between 1.3503 and 1.3409. The next level of support below this is 1.3472 and 1.3469, but this level is much weaker and much less convincing than the first. However, let’s get past the first level of support before getting ahead of ourselves. Overall, technicals indicate a strong sell on this pair.