USD/SGD Long-term outlookUSD/SGD currency pair testing multi-year rising support.
On the 23rd of March this year the USD/SGD currency pair topped out at the 2nd of January 2017 highs (Double Top) and has since declined relentlessly. Now testing multi-year rising (A) and falling wedge support at (1). A good buying opportunity for the long term could present itself above (1) with 1.37300s as a first resistance zone to watch for, followed by 1.38449 and 1.39458 whereby a good selling opportunity could hinder the bulls’ efforts for the short term before the uptrend resumes.
Alternatively, if the bears can breach this dual support zone now in play, and push prices below the January ‘20 lows at 2 (1.34469) we can expect to see an increase in selling pressure forcing prices furthermore to low 133s, followed by 1.31665 and 1.30039 in extension.
