Chart USD/SGD Update: Extend corrective bounce from 1.3362 support
Turned up in consolidation from the 1.3362 support and regaining the 1.3400 level opens up stronger bounce to retrace losses from the 1.3512 high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | Jun high, congestion | S1 | 1.3400 | * | congestion | |
| R3 | 1.3550 | * | congestion | S2 | 1.3362 | * | 6 Nov high | |
| R2 | 1.3500/12 | ** | congestion, 22 Nov high | S3 | 1.3300 | * | congestion | |
| R1 | 1.3450 | * | congestion | S4 | 1.3264 | * | Oct high |
Asterisk denotes strength of level
02:10 GMT - Turned up in consolidation from the 1.3362 support and regaining the 1.3400 level opens up stronger bounce to retrace losses from the 1.3512 high. Bounce see resistance starting at 1.3450 ahead of the 1.3488 and 1.3512 highs which is expected to cap. Gains are seen corrective and lower high sought to further the downside later. Break of the 1.3362 support will open up deeper pullback to retrace the strong gains from the September low. Lower will see room to the 1.3300 congestion and 1.3264/50 area. Break above the 1.3512 high, if seen, will see room for extension to the 1.3600 level.