Published: 2024-10-22T02:33:31.000Z
Chart USD/SGD Update: Extending gains
Technical Analyst
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Consolidation below the 1.3158 resistance has given way to break to extend gains from the September YTD low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3250 | * | congestion | S1 | 1.3100 | * | Sep high | |
R3 | 1.3230 | * | 50% Apr/Sep losses | S2 | 1.3050 | * | congestion | |
R2 | 1.3200 | * | congestion | S3 | 1.3000 | ** | Aug low | |
R1 | 1.3184 | * | 5 Aug low | S4 | 1.2950 | * | 6 Sep low |
Asterisk denotes strength of level
02:25 GMT - Consolidation below the 1.3158 resistance has given way to break to extend gains from the September YTD low to reach 1.3170 high. Nearby see resistance at 1.3184 and clearance here will see room to the 1.3200 congestion then the 1.3230, 50% Fibonacci level. Gains are seen corrective and expected to give way to selling pressure later. Meanwhile, support is at the 1.3100 level which now underpin. Would take break here to turn focus lower to retrace strong gains from the September low to the 1.3050/1.3000, congestion and August low.