USD/SGD 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA

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

The US Dollar has been appreciating against the Singapore Dollar since the beginning of February when the rate reversed from the lower boundary of the lon-term ascending channel at 1.3450.  

As apparent on the chart, the currency pair has already tested the monthly R1 at 1.3612. Given that the pair is being pressured by the 55-, 100– and 200-hour SMAs, it is likely that bears prevail in the market within following sessions. It is expected that the rate re-tests the lower channel line located circa 1.3460. 

However, if the support level formed by the monthly PP at 1.3528 holds, a reversal north occurs in the nearest future. A possible upside target is the Fibonacci 38.20% retracement at 1.3629.

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