USD/SGD may rise 25 - 38 pips

Our pivot point stands at 1.3517.

Our preference

As long as 1.3517 is support look for 1.3572.

Alternative scenario

The downside breakout of 1.3517 would call for 1.3496 and 1.3484.

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 below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3523 and 1.3490).

Supports and resistances

1.3597 **

1.3584 *

1.3572 **

1.3559

1.3534 last

1.3526

1.3517 **

1.3496 *

1.3484 **

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