USD/SGD may rise 38 - 57 pips

Our pivot point is at 1.3010.

Our preference

Look for a drop towards 1.3010 before a bounce.

Alternative scenario

The downside breakout of 1.3010 would call for 1.2978 and 1.2959.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.3038 and 1.3036).

Supports and resistances

1.3133 **

1.3114 *

1.3095 **

1.3076

1.3038 last

1.3022

1.3010 **

1.2978 *

1.2959 **

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