The USD/SGD trades in two and a half year lows and has the 1.3346/07 area in its sights, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, informs.
“USD/SGD’s descent has taken it to the current November low at 1.3407 while on its way to the June 2016, September 2017 and June 2018 lows and February 2018 high at 1.3346/07. In this vicinity, the cross is likely to at least short-term stabilise. Much further down the January-to-March 2018 lows can be found at 1.3053/09.”
“Good resistance above the 1.3513 November 11 high can now be spotted between the early September and October lows at 1.3526/59. Overall downside pressure should be maintained while the cross remains below the current November high at 1.3714. Below it meanders the 55-day moving average at 1.3601.”