Published: 2023-12-12T04:43:05.000Z
Chart USD/SGD Update: Extending correction from Nov low
Technical Analyst
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| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3576 | * | Mar high | S1 | 1.3350 | 21 Nov low | ||
| R3 | 1.3528 | 16 Nov high | S2 | 1.3284 | * | 29 Nov low, trendline | ||
| R2 | 1.3486 | * | 6 Nov low | S3 | 1.3250 | congestion | ||
| R1 | 1.3440/50 | * | 22 Nov high, congestion | S4 | 1.3200 | * | Apr low |
Asterisk denotes strength of level
04:35 GMT - Still pressuring the upside and gains above the 1.3400 level has seen extension to reach the 1.3440/50 resistance. Break here will see scope to the strong resistance at the 1.3486/1.3500 area where reaction can be expected to unwind overbought daily studies. Corrective gains seen giving way to selling pressure later and pullback below the the 1.3400 level will expose the 1.3350 support then the 1.3284 low and trendline from the Feb low. Break here will shift focus to the 1.3200/1.3172, April/July lows.