Published: 2024-12-03T02:10:09.000Z
Chart USD/SGD Update: Poised for retest of the 1.3500/12 highs
Technical Analyst
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Sharp bounce from the 1.3362 support through the 1.3400 level has seen extension to retest the 1.3488 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3670 | ** | 16 Apr YTD high | S1 | 1.3400 | * | congestion | |
| R3 | 1.3600 | * | Jun high, congestion | S2 | 1.3362 | ** | 6 Nov high | |
| R2 | 1.3550 | * | congestion | S3 | 1.3300 | * | congestion | |
| R1 | 1.3500/12 | ** | congestion, 22/26 Nov highs | S4 | 1.3264 | * | Oct high |
Asterisk denotes strength of level
02:00 GMT - Sharp bounce from the 1.3362 support through the 1.3400 level has seen extension to retest the 1.3488 resistance. Break here will expose the 1.3512 highs to retest and see potential for break to extend gains from the September low. Higher will see room to the 1.3550 congestion then the 1.3600, June high. Beyond this will turn focus to the 1.3670, April YTD high. Meanwhile, support is raised to the 1.3400 congestion and this extend to the 1.3362 support, now expected to underpin. Would take break here to open up deeper pullback to retrace the September/November rally.