3 Sep 2013
USD/SGD weakens further but still above 1.27
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading little changed for the week so far at 1.2737 off recent session and fresh 2-week lows at 1.2713 with SGD gaining despite broad USD strength.
USD/SGD double top in play
“We are short for a retest of Aug 12 lows / trendline support near 1.256 after the expected bearish breakdown candle seen last Wednesday closed below key 1.28 big figure support,” said IFRMarkets analysts , adding: “A double top trade in play suggests a bigger move lower may be forthcoming but we'll cover at key support and potentially re-enter on further signs of weakness.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/2-week lows 1.2713, followed by August 16 lows at 1.2673 and August 15 lows at 1.2667. To the upside, closest resistance lies at current levels as August 21 lows 1.2730, followed by recent session highs at 1.2751, and Monday's weekly highs at 1.2773.
USD/SGD double top in play
“We are short for a retest of Aug 12 lows / trendline support near 1.256 after the expected bearish breakdown candle seen last Wednesday closed below key 1.28 big figure support,” said IFRMarkets analysts , adding: “A double top trade in play suggests a bigger move lower may be forthcoming but we'll cover at key support and potentially re-enter on further signs of weakness.”
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at recent session/2-week lows 1.2713, followed by August 16 lows at 1.2673 and August 15 lows at 1.2667. To the upside, closest resistance lies at current levels as August 21 lows 1.2730, followed by recent session highs at 1.2751, and Monday's weekly highs at 1.2773.