Chart USD/SGD Update: Extend corrective bounce
Turned up in consolidation from the 1.2680 low as prices unwind oversold daily studies and retrace losses from the 1.2990, June current year high
| Level | Comment | Level | Comment | ||||
|---|---|---|---|---|---|---|---|
| R4 | 1.2850 | * | congestion | S1 | 1.2700 | congestion | |
| R3 | 1.2836 | ** | May high | S2 | 1.2680 | * | 21 Aug low |
| R2 | 1.2800 | * | congestion | S3 | 1.2650 | ** | May low |
| R1 | 1.2750/67 | * | congestion, 7 Aug low | S4 | 1.2586 | ** | 28 Jan YTD low |
Asterisk denotes strength of level
02:45 GMT - Turned up in consolidation from the 1.2680 low as prices unwind oversold daily studies and retrace losses from the 1.2990, June current year high. Weekly studies are stretched as well and suggest scope for break of resistance at the 1.2750/1.2767 area. Clearance here will see room for stronger gains to the 1.2800 congestion and 1.2836, May high. Corrective gains are expected to give way to fresh selling pressure later to retest the 1.2700 level and 1.2680 low. Below here will see room for extension to retest the May low at 1.2650 then the 1.2586, January current year low.