USD/SGD may rise 24 - 35 pips

1.3204 is our pivot point.

Our preference

The upside prevails as long as 1.3204 is support.

Alternative scenario

The downside breakout of 1.3204 would call for 1.3185 and 1.3173.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3203 and 1.3184).

Supports and resistances

1.3278 **

1.3266 *

1.3255 **

1.3244

1.3220 last

1.3211

1.3204 **

1.3185 *

1.3173 **

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