Our pivot point stands at 1.3368.
Our preference: the downside prevails as long as 1.3368 is resistance.
Alternative scenario: the upside breakout of 1.3368, would call for 1.3395 and 1.3411.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.3361 and 1.3365). Finally, the USD/SGD has penetrated its lower Bollinger band (1.3344).
Supports and resistances:
1.3411 **
1.3395 *
1.3368 **
1.3357
1.3342 last
1.3309
1.3293 **
1.3276 *
1.3260 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.
Written on 03-22-2023 at 11:17 UTC+1
Price reference: 1.3342 last known on 03-22-2023 at 11:17 UTC+1
Investment horizon: INTRADAY