Published: 2024-11-19T17:08:11.000Z
Chart USD/SGD Update: Extending losses
Senior Technical Strategist
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Little change, as prices extend consolidation just beneath congestion around 1.3400
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3550 | * | break level | S1 | 1.3350 | * | break level | |
| R3 | 1.3500 | ** | congestion | S2 | 1.3300 | * | congestion | |
| R2 | 1.3460 | * | 76.4% ret of Apr-Sep fall | S3 | 1.3220 | * | 38.2% ret of Sep-Nov rally | |
| R1 | 1.3400 | * | congestion | S4 | 1.3200 | * | congestion |
Asterisk denotes strength of level
16:50 GMT - Little change, as prices extend consolidation just beneath congestion around 1.3400. Intraday studies remain negative and daily readings are also coming under pressure, highlighting a deterioration in sentiment and room for further losses in the coming sessions. Focus is expected to turn to the 1.3350 break level. But mixed/positive weekly charts should limit any immediate break in consolidation above congestion support at 1.3300. Meanwhile, a close back above 1.3400 would turn sentiment neutral and give way to consolidation beneath the 1.3460 Fibonacci retracement.