USD/SGD 1H Chart: Downside potential

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The USD/SGD currency pair has been testing the lower boundary of the long-term ascending channel located circa 1.3460 since the beginning of February.  

Currently, the exchange rate is re-testing the lower channel line. If given trend holds, it is expected that a reversal north occurs in the nearest future, and the pair targets strong resistance level located at the 1.3620 mark. 

If given channel does not hold, it is likely that a breakout south occurs within following sessions. This scenario is supported by a fact that the rate is being pressured by the 55-, 100– and 200-hour SMAs. Most likely, the pair targets the psychological level at 1.3350.

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