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29 Aug 2013
USD/SGD cools off below 1.28 again
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading near session highs at 1.2783 bids bouncing from recent session and weekly lows at 1.2737 paring half loses after the fall from yesterday's weekly highs above 1.2850, breaking even for the week so far.
USD/SGD double top trade in play
The move lower in USD/SGD “comes as the dollar slides after President Obama says he hasn't decided on a course of action regarding Syria yet,” said Singapore based editor Ewen Chen for DowJones. As for IFRMartes: “We are short for a retest of Aug 12 lows / trendline support near 1.256 after the expected bearish breakdown candle seen on Wednesday closed below key 1.28 big figure support. A double top trade in play suggests a bigger move lower may be forthcoming but we'll cover at key support and potentially re-enter on further signs of weakness,” analysts noted.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at Monday's lows 1.2773, followed by mentioned fresh weekly recent lows at 1.2737, and August 21 lows at 1.2729. To the upside, closest resistance lies at August 22 lows 1.2799, followed by Monday's highs at 1.2824 and Tuesday's weekly highs at 1.2856.
USD/SGD double top trade in play
The move lower in USD/SGD “comes as the dollar slides after President Obama says he hasn't decided on a course of action regarding Syria yet,” said Singapore based editor Ewen Chen for DowJones. As for IFRMartes: “We are short for a retest of Aug 12 lows / trendline support near 1.256 after the expected bearish breakdown candle seen on Wednesday closed below key 1.28 big figure support. A double top trade in play suggests a bigger move lower may be forthcoming but we'll cover at key support and potentially re-enter on further signs of weakness,” analysts noted.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at Monday's lows 1.2773, followed by mentioned fresh weekly recent lows at 1.2737, and August 21 lows at 1.2729. To the upside, closest resistance lies at August 22 lows 1.2799, followed by Monday's highs at 1.2824 and Tuesday's weekly highs at 1.2856.