USD/SGD may fall 26 - 38 pips

Our pivot point is at 1.3460.

Our preference

The downside prevails as long as 1.3460 is resistance.

Alternative scenario

Above 1.3460, look for 1.3481 and 1.3493.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3454 and 1.3453). Finally, the USD/SGD has penetrated its lower Bollinger band (1.3444).

Supports and resistances

1.3493 **

1.3481 *

1.3460 **

1.3452

1.3443 last

1.3417

1.3405 **

1.3393 *

1.3381 **

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