The first five wave rise in the dollar to 94.10 about to complete.
The Taiwan Dollar – early days of forming a base and recovering from the lows. An X wave or a new rally? Both odds are open. Upper end of the falling channel is at 31.27 as the resistance to any X wave move up. A 5 wave rise and 3 wave correction long term are done though so odds should favour another impulse wave up.
USDSGD closed positive for the last two months – wave 3 of larger degree appears due to start on the monthly chart. If not at least a near term rally in the pair. Next resistance is at 1.38 and 61.8% retracement is at 1.41.
Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic and international clients. Views expressed in this article are purely of the author – Mr Rohit Srivastava – a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd