USDSGD Retreats From YTD Highs, Bulls Still in Control
USDSGD gives up 0.12% today at 1.3825 as the correction from recent highs at 1.3940 continues for fourth day in a row.
On the technical side, USDSGD outlook remains bullish despite recent pullback for the short term as the pair holds above all major daily moving averages. On the hourly chart the pair has breached the major moving averages, so a move lower can’t be ruled out for the next session. On the downside, first support stands at 1.3820 today’s low, while more bids will emerge at 1.3744 the 200 day moving average. A break below will open the way for a move down to 1.3702 and the 100 day moving average. On the upside immediate resistance stands at 1.3851 today’s high while more offers will emerge at 1.3910 zone the yearly highs. Long positions can sit comfortably as long as the pair trades above 1.38, while short positions mighty be entered if the pair breaks below the 1.3744 and the 50 day moving average.