USD/SGD: trade idea
Tatiana Norkina, analyst at FBS
An interesting business opportunity was appeared for the currency pair USD / SGD. The weakness of the American dollar in front of Singapore dollar is obvious, because bulls are unable to break up the resistance level of 1.2920 formed by lines of Tenkan, Kijun and Senkou Span A.
At the moment the pair has finally been сonsolidated within the four-hours clouds and the purpose of the corrective decline may become its lower limit.
Oscillators indicate the falling of the bullish interest. MACD can appear to be in the negative zone soon. Also RSI is moving toward the lower end of the range.
Technical levels: Support - 1.2880, 1.2830; resistance - 1.2920 / 30.
1. Sell - 1.2900; SL - 1.2930; TP1 - 1.2830; TP2 - 1.2750.