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According to Karen Jones, analyst at Commerzbank, USD/SGD’s complete rejection of the 200 day ma at 1.3650 has served to neutralise the outlook as the market has been pushed back into its previous range.

Key Quotes

“It is hard to determine if this move was premature or false but we are leaning to the latter. In order to reassert a more positive stance a close above the 200 day moving average, the early January high and the early November low at 1.3650/84 would be needed. While this area caps, further range trading is expected to be seen.”

“Further up sits the December peak at 1.3775. Initial support is offered by the 55 day ma at 1.3545 and key support comes in between the January and March lows at 1.3451/43.”

“Were it to give way, the early December 2017 low at 1.3420 and the January 10 2018 high at 1.3370 would be in focus.”