USD/SGD 1H Chart: Bullish momentum likely

Source: Dukascopy Bank SA

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

The USD/SGD currency pair reached the lower boundary of the medium-term ascending channel and reversed north at the beginning of December.  

Given that the exchange rate is being supported by the 55-, 100– and 200-hour SMAs, it is expected that the bullish momentum continues to prevail. It is likely that the pair targets the Fibonacci 50.00% retracement at 1.3803. Technical indicators for the 1W time frame support bullish scenario. 

However, this advance might not be immediate and the pair might re-test the lower channel line 1.3650.

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