Published: 2024-11-15T18:06:33.000Z
Chart USD/SGD Update: Potential for a minor test lower
Senior Technical Strategist
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Little change, as the pullback from just below congestion resistance at 1.3500 gives way to consolidation above congestion around 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 | 1.3200 | * | congestion |
Asterisk denotes strength of level
17:45 GMT - Little change, as the pullback from just below congestion resistance at 1.3500 gives way to consolidation above congestion around 1.3400. Overbought daily stochastics are flattening, suggesting potential for a test beneath here. But the rising daily Tension Indicator and positive weekly charts are expected to prompt renewed buying interest towards 1.3350. Following any corrective trade, fresh gains are looked for. A break back above the 1.3460 Fibonacci retracement will open up 1.3500, with room to extend September gains towards 1.3550.