USD/SGD: Outlook neutralised - Commerzbank
|According to Karen Jones, analyst at Commerzbank, USD/SGD’s complete rejection of the 200 day ma at 1.3650 has served to neutralise the outlook as the market has been pushed back into its previous range.
Key Quotes
“It is hard to determine if this move was premature or false but we are leaning to the latter. In order to reassert a more positive stance a close above the 200 day moving average, the early January high and the early November low at 1.3650/84 would be needed. While this area caps, further range trading is expected to be seen.”
“Further up sits the December peak at 1.3775. Initial support is offered by the 55 day ma at 1.3545 and key support comes in between the January and March lows at 1.3451/43.”
“Were it to give way, the early December 2017 low at 1.3420 and the January 10 2018 high at 1.3370 would be in focus.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.