Chart USD/SGD Update: Extending losses
Remains under pressure as consolidation above the 1.2658 low of last week gives way to renewed selling pressure to extend the June losses
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.2800 | * | congestion | S1 | 1.2650 | ** | May low |
| R3 | 1.2750/67 | ** | congestion, 7 Aug low | S2 | 1.2615/05 | * | 26, 12 Feb lows |
| R2 | 1.2700 | * | congestion | S3 | 1.2586 | ** | 28 Jan YTD low |
| R1 | 1.2680 | * | Aug low | S4 | 1.2550 | * | congestion from 2014 |
Asterisk denotes strength of level
02:25 GMT - Remains under pressure as consolidation above the 1.2658 low of last week gives way to renewed selling pressure to extend the June losses. Break of the 1.2650 support see room for extension to retest the 1.2615/05 February lows then the 1.2586, January current year low. Would expected reaction at the latter as daily and weekly studies extend into oversold areas and caution corrective bounce. Meanwhile, resistance remains at the 1.2680/1.2700 August low and congestion area which is expected to cap. Only above here will see room for stronger bounce to the 1.2750 resistance.