According to Axel Rudolph, Senior Analyst at Commerzbank, USD/SGD’s rejection by the 1.3873/75 October highs pushed the currency pair towards key support at 1.3616/06, made up of the August and September lows.
Key Quotes
“This support zone we expect to soon give way with the July low, 200 day moving average and May highs at 1.3532/1.3486 then being in focus.”
“We will stick to our now bearish forecast while no unexpected bullish reversal takes the cross above the late November high at 1.3798.”
“Resistance below this level can be seen between the 55 day moving average and the July highs at 1.3746/52. Above the late November high at 1.3798 sits the October peak at 1.3875, an unexpected rise above which would put the 1.3906/73 zone on the cards. It consists of the November 2015, February, March and April 2017 lows as well as the June 2017 high.”
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