By: DailyForex.com
Like most of the pairs tied to the US Dollar, the USD/SGD daily chart has printed a nice bullish flag formation, and has actually broken out of the descending channel with the last 2 daily candles that have printed. Price broke as high as 1.2843 the day before yesterday, testing the Weekly R1 at 1.2834, and then fell to 1.2755 before closing higher at 1.2783 and crating a candle that hints at a continuation higher today. Price has also tested both the 5 13 EMA's which are acting as support just above the Weekly Pivot at 1.2739. During lower volume Asian trading today price has remained slightly bearish, also an indication that volume will push the pair higher during London or New York trading hours. Intraday Resistance well be at 1.2785, 1.2815 1.2842 with Weekly R levels at 1.2835 1.2887. To the downside we see Intraday support at 1.2753, 1.2723 Weekly S1 at 1.2686. Technically speaking, this pair is quite Bullish unless we see price close below 1.2750 when moment um will probably shift to the Bears.
Happy Trading!
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