Published: 2024-11-29T02:01:25.000Z
Chart USD/SGD Update: Weighing on the 1.3400 level, break in focus
Technical Analyst
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Remains in consolidation at the 1.3400 level but pressure building on the downside
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3600 | * | Jun high, congestion | S1 | 1.3400 | * | congestion | |
| R3 | 1.3550 | * | congestion | S2 | 1.3362 | * | 6 Nov high | |
| R2 | 1.3500/12 | ** | congestion, 22 Nov high | S3 | 1.3300 | * | congestion | |
| R1 | 1.3450 | * | congestion | S4 | 1.3264 | * | Oct high |
Asterisk denotes strength of level
01:55 GMT - Remains in consolidation at the 1.3400 level but pressure building on the downside following break of the 1.3418 support to trigger a small double top at the 1.3512 highs. Negative daily studies suggest break lower to open up deeper pullback to retrace the strong September/November rally. Break will see room to the 1.3362 support then the 1.3300 congestion. Lower still will see scope to 1.3264, October high. Meanwhile, resistance remains at the 1.3450 congestion which os expected to cap and sustain losses from the 1.3512 highs.