Trueman23
Short

usd sgd short after s/r retest + Trendline confluence

OANDA:USDSGD   US-DOLLAR / SINGAPUR-DOLLAR
We are in a clear bearish market and going down since around 1year

The last weeks we can see a correction in direction of a previous s/r zone which was respected several times before price was able to break it down + extra confluence by a trendline with several touches.

Now again we have 2 scenarios which could happen here.

1) Price respects the s/r zone + the trendline giving us a great opportunity to go short into the bigger picture trend direction

2) Price breaks the trendline + the s/r zone to the upside telling us that the downward trend could come to an end and offer us a chance to go long in a very early stage of this new trend

I personaly prefer the short side cause its always better to go with the bigger picture trend than against it but if market tells us a long is the way to go i will not discuss with him ;-)
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