USD/SGD may rise 36 - 52 pips

1.3112 is our pivot point.

Our preference

The upside prevails as long as 1.3112 is support.

Alternative scenario

The downside breakout of 1.3112 would call for 1.3084 and 1.3067.

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 1.3116 and 1.3100).

Supports and resistances

1.3220 **

1.3203 *

1.3186 **

1.3170

1.3134 last

1.3122

1.3112 **

1.3084 *

1.3067 **

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