Published: 2023-12-13T05:00:49.000Z
Chart USD/SGD Update: Extending gains from the November low
Technical Analyst
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| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3576 | * | Mar high | S1 | 1.3350 | 21 Nov low | ||
| R3 | 1.3528 | 16 Nov high | S2 | 1.3284 | * | 29 Nov low, trendline | ||
| R2 | 1.3486 | * | 6 Nov low | S3 | 1.3250 | congestion | ||
| R1 | 1.3440/50 | * | 22 Nov high, congestion | S4 | 1.3200 | * | Apr low |
Asterisk denotes strength of level
04:45 GMT - Pressing higher in choppy trade to reach the 1.3440/50 resistance. Break here will confirm a 3-week bottom in place at the 1.3284 low of January and see room for stronger gains to retrace losses from the Oct YTD high. Higher will see scope to target the 1.3486/1.3500 area then 1.3528 resistance. Corrective gains expected to give way to selling pressure later with support starting at the 1.3380/50 area. Below this will return focus to the 1.3284 low and trendline support from the February low.