Chart USD/SGD Update: Consolidating at 1.3300, room for lower later
Steadied at the 1.3300 level as prices unwind the oversold intraday studies following sharp losses from the 1.3520 high of last week
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3500/20 | ** | congestion, 28 Feb high | S1 | 1.3300 | * | congestion |
| R3 | 1.3460 | * | 5 Feb low | S2 | 1.3270/65 | * | 50% Sep/Jan rally, Oct high |
| R2 | 1.3420 | ** | Jan low | S3 | 1.3200 | * | congestion |
| R1 | 1.3350/75 | * | 26, 17 Feb lows | S4 | 1.3155 | * | 61.8% Sep/Jan rally |
Asterisk denotes strength of level
02:15 GMT - Steadied at the 1.3300 level as prices unwind the oversold intraday studies following sharp losses from the 1.3520 high of last week. However, bearish structure on from the January high suggest this giving way to break lower later to further retrace the September/January rally. Lower will see room to strong support at the 1.3270/65, 50% Fibonacci level and October high. Meanwhile, resistance is lowered to the 1.3350/75 recent low, now expected to cap. Above here, if seen, will see room for stronger corrective bounce to resistance at the 1.3400/20 congestion and January low.