USD/SGD 1H Chart: Upside potential

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The USD/SGD currency pair has been trading in the medium-term ascending channel since the end of June. The rate reversed from the lower channel line on 7 November.  

From a theoretical point of view, it is expected that the pair targets the upper trend line located circa 1.3960. Important level to look out for is the weekly R1 located at 1.3850. 

However, technical indicators for the short run suggest that this advance might not be immediate and the rate might re-test the lower channel boundary at 1.3700.

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