24.03.201405:37 Forex Analysis & Reviews: Technical analysis of USD/SGD for March 24, 2014

USD/SGD has given after a long consolidation at the level of 1.26. In the daily chart, the pair is trading above all the short- and medium-term moving averages. The Singapore dollar is back in action starting wave 3 up. Wave 3 has a target of 1.308 with sl 1.2560 for my view. RSI is showing a positive divergence in the daily chart. In the intraday basis, 1.27 will come as the first support level, below that, 1.2672 and 1.2577 are the major supports. The pair has minor supports between 1.2667 and 1.2656. On Thursday, the pair made a low at 1.27 which was the multiple resistance level on March 03 and 04. The resistance becomes support, which is the bull view.

Intraday

In the H4 chart, the pair is taking support at 1.2711 levels from the last couple of hours, if it breaks, 1.27 will come as intraday strong support level. The pair has been trading in a range between 1.2711 and 1.2725, either break will give major room for trading. The level of 1.27 has its importance on daily and hourly charts (21EMA). Below the level of 1.27, it will fall to 1.2680-1.2674, and 1.2666-1.2655. RSI gives a sell signal. On the upside, if the pair trades above the level of 1.2725, it will fly to 1.2759 and 1.2769 immediately.

S1 1.27 R1 1.2725

S2 1.2681 R2 1.2759

S3 1.2654 R3 1.2769

Sell below 1.27, it will fall to 1.2680-1.2674 and 1.2666-1.2655.