Published: 2024-11-20T17:03:56.000Z
Chart USD/SGD Update: Immediate gains to remain limited
Senior Technical Strategist
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Cautious trade has given way to a break above 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | ** | break level | S1 | 1.3400 | * | congestion | |
| R3 | 1.3550 | * | break level | S2 | 1.3350 | * | break level | |
| R2 | 1.3500 | ** | congestion | S3 | 1.3300 | * | congestion | |
| R1 | 1.3460 | * | 76.4% ret of Apr-Sep fall | S4 | 1.3220 | * | 38.2% ret of Sep-Nov rally |
Asterisk denotes strength of level
16:50 GMT - Cautious trade has given way to a break above 1.3400, as intraday studies turn higher, with prices currently trading around 1.3445. Immediate focus is back on the 1.3460 Fibonacci retracement, but negative daily readings are expected to limit any break in renewed selling interest beneath the 1.3488 weekly high of 14 November and congestion around 1.3500. Following corrective trade, lower levels are looked for. A break back below 1.3400 will target the 1.3350 break level. Continuation beneath here will open up congestion support at 1.3300, where rising weekly charts could prompt fresh buying interest.