USD/SGD may rise 27 - 39 pips

Our pivot point stands at 1.3068.

Our preference

Rebound towards 1.3122.

Alternative scenario

The downside breakout of 1.3068 would call for 1.3049 and 1.3038.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.3097 and 1.3121).

Supports and resistances

1.3144 **

1.3133 *

1.3122 **

1.3110

1.3083 last

1.3075

1.3068 **

1.3049 *

1.3038 **

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