Published: 2025-04-22T16:57:28.000Z
Chart USD/SGD Update: Consolidating test of strong support at 1.3000/15
Senior Technical Strategist
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Cautious trade has given way to a sharp drop to strong support at 1.3000/15
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.3280 | * | Mar low | S1 | 1.3015 | ** | 76.4% ret of 2024-2025 rally |
| R3 | 1.3250 | * | congestion | S2 | 1.3000 | ** | Aug low, congestion |
| R2 | 1.3200 | * | congestion | S3 | 1.2950 | * | congestion |
| R1 | 1.3100 | * | congestion | S4 | 1.2900 | * | break level |
Asterisk denotes strength of level
17:50 BST - Cautious trade has given way to a sharp drop to strong support at 1.3000/15, where rising intraday studies are prompting a steady bounce to pressure congestion resistance at 1.3100. Oversold daily stochastics are edging higher, suggesting potential for a test above here. But the negative daily Tension Indicator and bearish weekly charts are expected to limit scope in renewed selling interest towards further congestion around 1.3200. Following cautious/corrective trade, fresh losses are looked for. However, a close below 1.3000/15 is needed to turn sentiment negative and extend January lows initially to 1.2950.