18.03.201404:56 Forex Analysis & Reviews: Technical analysis of USD/SGD for March 18, 2014

Long-term review

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The pair is in a downtrend from the high of 1.2700. It made a double top on March 03, and consolidating near the support level of 1.2603. The pair is still in upward direction, consolidating before further up move. In the daily chart, the pair is trading below all the short- and medium-term moving averages. The level of 1.2603, saving bulls for the time being. It made a higher low with positive divergence. If the pair gives an upside breakout, we will see 1.2700 as the immediate target. Further up move will be intact if it crosses the 1.27 level. Above 1.27, we will see 1.2765 and 1.28 levels. On the downside, if the pair breaks the 1.2602, the immediate support comes at 1.2560, February 14 low. The level of 1.2560 is a crucial level for bulls, below it, 1.2519 and 1.2447 will open.

In the H4 chart, the pair has broken the support trend line and is trading below it. During Asia's trading session, it is trading at 1.2611. Whereas the nearest support is 1.2610-1.26. If the pair breaks this level, we will see some more downside towards 1.2560. The RSI is in an upward direction. We recommend to buy in the range between 1.2611 and 1.2560 with sl at 1.2519.

S1 1.2610 R1 1.2637

S2 1.2600 R2 1.2651

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