USD/SGD 1H Chart: Pair still remains weakened
USD/SGD has been trading in a triangle-like formation since early 2018. Following a test of its lower boundary on March 27, the US Dollar has began a gradual recovery against its Singapore counterpart. The pair even breached a three-week trend-line around 1.3130 today.
This factor suggests that it might be bound for a surge towards the upper triangle line in the 1.3250/1.3300 territory. Even if this appreciation does not occur during the following week, bulls are expected to prevail in the medium term.
Meanwhile, technical indicators flash bearish signals, so a decline is a more likely scenario this week. A possible downside target for today could be the combined support of the 55-, 100– and 200-hour SMAs and the weekly PP at 1.3110. A further decline would push the US Dollar below the bottom triangle boundary and the weekly S1, thus approaching the three-year low of 1.3022. This level might remain unreached, as the 1.3060 area is expected to provide unbreakable support.
This factor suggests that it might be bound for a surge towards the upper triangle line in the 1.3250/1.3300 territory. Even if this appreciation does not occur during the following week, bulls are expected to prevail in the medium term.
Meanwhile, technical indicators flash bearish signals, so a decline is a more likely scenario this week. A possible downside target for today could be the combined support of the 55-, 100– and 200-hour SMAs and the weekly PP at 1.3110. A further decline would push the US Dollar below the bottom triangle boundary and the weekly S1, thus approaching the three-year low of 1.3022. This level might remain unreached, as the 1.3060 area is expected to provide unbreakable support.
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