The Singapore Dollar seems to be oversold on all the bigger timeframes. The pair from a high of over 1.4500 to 1.3500 right now. This is a large move for a currency that mostly follows the USD.

On the first weekly chart above we are seeing that the USD/SGD is already oversold on the weekly charts. The 5,3,3 Stochastic Oscillator is printing values below 20, indicating that the selling may be overdone.

On the second chart below we are seeing a similar situation on the daily chart, with values below 20 again. But I'm not ready to bet on USD/SGD gains yet, for two reasons.

One, summer is here and with it range-bound markets are more likely. Two, any rallies will have to fight against a strong downtrend. Because of this I'm betting on a range-bound August and the pair staying near the current market price at 1.3559
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