Few weeks back when I last did a post and recommended aggressive entry into major currencies against USD (especially USD/SGD pair), that was when $USD went as low as 72.60. This is among the multi-year lows. Now the $USD (USD Index) has staged a decent recovery and even breaches the top of the declining channel at 74.60. Slight formation of HSH (head shoulder head) should further support near term recovery of $USD (USD Index) towards 77. There should be short term profit taking as indicators are pointing towards overbought levels (e.g. RSI, MACD, STO) and index is closing at the upper Bollinger band. Strong support will be at 74.2.
For USD/SGD currency pair, strong base has been establish at 1.223 and since then, it has rebounded on backdrop of rising USD Index. Short term resistance will be at 1.245. For those who has capitalized on my last Buy Call towards 1.22, you should be on the sweet deal towards your US sprees or vacation!
Read other related posts:
Follow us on:
Share this article on: