Published: 2024-10-10T02:29:57.000Z
Chart USD/SGD Update: Extending gains
Technical Analyst
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Clear break above the 1.3050 congestion further extend gains from the September YTD low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3184 | * | 5 Aug low | S1 | 1.3000 | * | Aug low | |
R3 | 1.3158 | ** | Dec low | S2 | 1.2950 | * | 6 Sep low | |
R2 | 1.3100/25 | * | 3 Sep high, 38.2% | S3 | 1.2900 | * | congestion | |
R1 | 1.3080 | * | 9 Oct high | S4 | 1.2860 | * | congestion |
Asterisk denotes strength of level
02:20 GMT - Clear break above the 1.3050 congestion further extend gains from the September YTD low and see room to the 1.3100 level. Above here will see scope to the 1.3125, 38.2% Fibonacci retracement. Beyond this will see room to strong resistance at the 1.3158, December 2023 low, which is expected to cap. Meanwhile, support remains at the 1.3000 congestion which is expected to underpin. Close below here needed to open up deeper pullback to the 1.2950 support. Break of the latter will return focus to the downside and see room for retest of the 1.2900 congestion.