According to Axel Rudolph, senior analyst at Commerzbank, the outlook for USD/SGD pair remains bearish and they are still looking for a retest of the early December 2017 and January 2019 lows at 1.3443/20 and the January 10 2018 high at 1.3370.
“The September 2017 low at 1.3346 as well as the June 2016 and 2018 lows at 1.3313/07 also all continue to be in the frame for the weeks and months ahead.”
“Minor resistance comes in at the 1.3554 February 22 high and more significant resistance at the 1.3606/17 August and September lows as well as the January and current February highs.”
“Above the latter zone further resistance remains to be seen between the 200 day moving average and the early January high at 1.3645/80. While this area caps, we will retain our bearish medium-term forecast. Still further resistance sits at the 1.3775 December high.”