USD/SGD may fall 25 - 37 pips

Our pivot point is at 1.3434.

Our preference

The downside prevails as long as 1.3434 is resistance.

Alternative scenario

The upside breakout of 1.3434, would call for 1.3455 and 1.3467.

Comment

The RSI is below its neutrality area at 50. 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 1.3422 and 1.3427). Finally, the USD/SGD is trading below its lower Bollinger band (standing at 1.3413).

Supports and resistances

1.3467 **

1.3455 *

1.3434 **

1.3426

1.3413 last

1.3388

1.3376 **

1.3363 *

1.3351 **

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