Axel Rudolph, analyst at Commerzbank, suggests that the USD/SGD is revisiting the 1.3823 mid-October 2018 high and has the next higher May 2016 and July 2017 as well as the October and November 2018 highs at 1.3843/75 in its sights.
Key Quotes
“Above this resistance area sits the June 2017 high at 1.3917. There the cross may struggle, though. If not we would have to allow for the 140.00 region to be reached. Support below the May 27 low and the 61.8% Fibonacci retracement at 1.3730/10 can still be seen between the April and early May highs and the 200 day moving average at 1.3661/53.”
“Key support sits between the December low and the late January, February and March highs at 1.3626/15. Upside pressure should be maintained while no unexpected drop below the May 10 low at 1.3594 is seen. Below it meanders the 55 day moving average at 1.3606.”
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