On the daily timeframe, USDSGD has continued to decline significantly since starting a bearish trend in June. The pair has not been able to reverse the trend to bullish, so the price continues to fall until it is at 1.28996, well below the kumo cloud. The stochastic chart moving below the 20 level shows a very strong bearish pressure, signaling that the market is still dominated by the downside. Although the oversold condition may provide an opportunity for a trend reversal, the strength of the dominant bearish trend may still hinder any potential gains. Traders should wait for further confirmation before making a decision.
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