The Singapore Dollar is trading near its long-term moving average. On the chart below we can see two things, a Fibonacci retracement tool spanning the most recent swing high and low on the daily chart and a 365 period moving average.



The Fibonacci tool shows us that we're currently trading in between the 50 and 61% retracement, very close to the middle ground of the move during the past 12 months. Two, the 365 MA (in blue) is right now at 1.3858, only 26 pips away from the current price for USD/SGD. This too shows the range we've been stuck in.



But this range doesn't only go back 12 months, oh no. Let's zoom out a bit. On the chart above we're seeing the weekly chart for this currency pair. Notice how the USD/SGD has been trading without a direction for over 2 years now. In light of this betting on more of the same and price staying near where it is seems like a good idea.
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