5 Sep 2013
USD/SGD unwilling to go much deeper than 1.2720
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at session highs 1.2761 on the back of broad USD buying, breaking even for the week so far off yesterday's weekly highs at 1.2794.
USD/SGD perfect price action for shorts
“Retest of the 1.28 seen over recent days sees renewed selling by bears - perfect price action for shorts,” said IFRMarkets analysts. According to IFRMarkets Catherine Tan, USD/SGD has been well offered from leveraged sales at 1.2850 “but bids above 1.2730 support,” Tan added.
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 perfect price action for shorts
“Retest of the 1.28 seen over recent days sees renewed selling by bears - perfect price action for shorts,” said IFRMarkets analysts. According to IFRMarkets Catherine Tan, USD/SGD has been well offered from leveraged sales at 1.2850 “but bids above 1.2730 support,” Tan added.
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.