USD/SGD shows nice Pin bar at key level

The USD/SGD has reached an important level. If we look at the weekly chart below, we can see that it is entering a key resistance zone that has been held below since 2010.

Todays Pin bar has formed right on the lower side of this resistance zone and we could see it pull back from here over the coming days.

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We should note however that this pair has been in a strong uptrend since July of this year so we should ensure stops and targets are thought about. If price does reject this resistance zone, we may see it pull back towards the key level marked on the weekly chart before having another go at the key resistance zone.

Well, as always, make your own trading decisions and best of luck.