USD/SGD may fall 36 - 54 pips

Our pivot point stands at 1.2976.

Our preference

Under pressure below 1.2976.

Alternative scenario

Above 1.2976, look for 1.3006 and 1.3024.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.2959 and 1.2946).

Supports and resistances

1.3024 **

1.3006 *

1.2976 **

1.2964

1.2945 last

1.2909

1.2891 **

1.2873 *

1.2855 **

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