USD/SGD may fall 21 - 32 pips

1.3493 is our pivot point.

Our preference

The downside prevails as long as 1.3493 is resistance.

Alternative scenario

The upside breakout of 1.3493, would call for 1.3511 and 1.3521.

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 1.3487 and 1.3491). Finally, the USD/SGD is trading below its lower Bollinger band (standing at 1.3478).

Supports and resistances

1.3521 **

1.3511 *

1.3493 **

1.3486

1.3475 last

1.3454

1.3443 **

1.3433 *

1.3422 **

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