Published: 2024-07-22T02:25:32.000Z
Chart USD/SGD Update: Scope to extend bounce from the 1.3400/1.3390 area
Technical Analyst
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Pressure remains on the upside and see room to extend bounce from the 1.3400/1.3390 area
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3516 | * | 9 Jul high | S1 | 1.3390 | * | 17 Jul low | |
| R3 | 1.3500 | * | congestion | S2 | 1.3365 | * | 21 Mar low | |
| R2 | 1.3477 | * | 8 Jul low | S3 | 1.3350 | * | congestion, 61.8% | |
| R1 | 1.3460 | 16 Jul high | S4 | 1.3300 | * | figure, congestion |
Asterisk denotes strength of level
02:20 GMT - Pressure remains on the upside and see room to extend bounce from the 1.3400/1.3390 area and break of congestion at 1.3450 see room to the 1.3460/77 resistance. Gains are seen correcting losses from the June high at the 1.3600 level as the daily chart unwind oversold readings. Higher will see room to the 1.3500/16 area. Correction expected to give way to selling pressure later and break of the 1.3400 level and 1.3390 low will open up deeper pullback to retrace the December/April rally. Lower will see room to the 1.3365/1.3350, support and 61.8% Fibonacci retracement.