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23 May 2013
USD/SGD shoots to fresh 10-month highs above 1.2650
FXstreet.com (Barcelona) - The USD/SGD posted today a fresh 10-month high at 1.2682 following Fed Bernanke's comments on leaving door open to QE tapering in case US economy improves. The pair trades last at 1.2675, a +0.62% higher from previous Asia-Pacific open yesterday.
USD/SGD has finally bounce past May 09 on a previous inverted H&S reversal pattern's neckline, around the 1.2266 level, that now has broken higher through the neckline of a bigger H&S pattern, being the previous one the head of this bigger one. This mentioned neckline now lies at Monday's weekly lows around the 1.2530 level.
Immediate resistance to the upside for USD/SGD shows at June 07 lows 1.2704, followed by July 12 highs at 1.2729, while to the downside, closest support lies at June 19 lows/July 25 highs 1.2640, followed by Friday's highs/July 03 lows at 1.2604/1.2592.
USD/SGD has finally bounce past May 09 on a previous inverted H&S reversal pattern's neckline, around the 1.2266 level, that now has broken higher through the neckline of a bigger H&S pattern, being the previous one the head of this bigger one. This mentioned neckline now lies at Monday's weekly lows around the 1.2530 level.
Immediate resistance to the upside for USD/SGD shows at June 07 lows 1.2704, followed by July 12 highs at 1.2729, while to the downside, closest support lies at June 19 lows/July 25 highs 1.2640, followed by Friday's highs/July 03 lows at 1.2604/1.2592.