Published: 2024-12-06T02:05:10.000Z
Chart USD/SGD Update: Poised for retest of 1.3362 support
Technical Analyst
-
Consolidating break of the 1.3400 level following rejection from the 1.3488 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3550 | * | congestion | S1 | 1.3362 | ** | 6 Nov high | |
| R3 | 1.3500/12 | ** | congestion, Nov high | S2 | 1.3300 | * | congestion | |
| R2 | 1.3488 | * | 14 Nov high | S3 | 1.3264 | * | Oct high | |
| R1 | 1.3444 | 5 Dec high | S4 | 1.3235 | * | 38.2% Sep/Nov rally |
Asterisk denotes strength of level
02:00 GMT - Consolidating break of the 1.3400 level following rejection from the 1.3488 resistance. Clear break of the 1.3400 level will expose strong support at 1.3362 to retest. Break here will confirm a 3-week top pattern at the 1.3512 high and tuirn focus lower to see deeper retracement of the rally from the September low. Meanwhile, resistance is lowered to the 1.3444 Thursday's high, now expected to cap and limit immediate corrective bounce. Gains above here will expose the 1.3488 resistance then the 1.3512 November high to retest.