Chart USD/SGD Update: Room for stronger corrective bounce
Bounce from 1.3312 low has seen test of the 1.3400 level as prices unwind the oversold intraday and daily studies
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3550 | * | congestion | S1 | 1.3312 | ** | 24 Feb YTD low |
| R3 | 1.3500/12 | ** | congestion, Nov high | S2 | 1.3270 | * | 50% Sep/Jan rally |
| R2 | 1.3460 | * | 5 Feb low | S3 | 1.3250 | * | congestion |
| R1 | 1.3420 | ** | Jan low | S4 | 1.3200 | * | congestion |
Asterisk denotes strength of level
02:05 GMT - Bounce from 1.3312 low has seen test of the 1.3400 level as prices unwind the oversold intraday and daily studies. Above here will see room to strong resistance at the 1.3420/1.3460 previous lows. Clearance, if seen, will open up room to the 1.3500 level. However, gains are seen corrective and expected to give way to fresh selling pressure later. Meanwhile, support is raised to the 1.3375/50 area and break here will expose the 1.3312 low to retest and where break will extend the broader losses from the January high to the 1.3270, 50% Fibonacci level. Lower still, will see room to the 1.3250/1.3200 area.