USD/SGD may fall 22 - 32 pips

Our pivot point is at 1.3516.

Our preference

The downside prevails as long as 1.3516 is resistance.

Alternative scenario

The upside breakout of 1.3516, would call for 1.3534 and 1.3544.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3505 and 1.3504). Finally, the USD/SGD has penetrated its lower Bollinger band (1.3501).

Supports and resistances

1.3544 **

1.3534 *

1.3516 **

1.3509

1.3500 last

1.3478

1.3468 **

1.3457 *

1.3446 **

Number of asterisks represents the strength of support and resistance levels.