Published: 2025-05-20T02:03:55.000Z
Chart USD/SGD Update: Leaning lower, focus return to 1.2861 low
Technical Analyst
-
Consolidation around the 1.3000 level has given way to selling pressure to retest the 1.2950 congestion
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3170 | ** | 23 Apr high, 50% | S1 | 1.2950 | * | congestion |
| R3 | 1.3100/30 | * | congestion, 1 May high | S2 | 1.2900 | * | congestion |
| R2 | 1.3080 | * | 38.2% Apr/May fall | S3 | 1.2861 | ** | 5 May YTD low |
| R1 | 1.3000/10 | * | congestion, Apr low | S4 | 1.2790 | ** | Sep 2024 multi-year low |
Asterisk denotes strength of level
02:00 GMT - Consolidation around the 1.3000 level has given way to selling pressure to retest the 1.2950 congestion. Daily studies are tracking lower and suggest scope for break here to open the 1.2900 level then 1.2861 early-May low to retest. Break of the latter will turn focus to the September 2024 year low at 1.2790. Meanwhile, resistance remains at the 1.3000/10 congestion and April low which is expected to cap. Break here, if seen, will expose the 1.3080 Fibonacci level to retest and see room for stronger corrective bounce to retrace April/May losses.