USD/SGD may fall 28 - 42 pips

Our pivot point is at 1.3227.

Our preference

The downside prevails as long as 1.3227 is resistance.

Alternative scenario

Above 1.3227, look for 1.3250 and 1.3264.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3224 and 1.3211). Finally, the USD/SGD is trading below its lower Bollinger band (standing at 1.3204).

Supports and resistances

1.3264 **

1.3250 *

1.3227 **

1.3217

1.3202 last

1.3174

1.3160 **

1.3146 *

1.3131 **

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