USD/SGD traded lower, in line with our call for pullback. Pair was last at 1.3128 levels, OCBC’s FX analyst Frances Cheung and Christopher Wong note.
Daily momentum is bullish
“Move lower came amid broad pullback in USD. Daily momentum is bullish while RSI turned lower from near overbought conditions. Further pullback likely.
“Support at 1.3020 (50 DMA), 1.2970/80 levels (23.6% fibo, 21 DMA). Resistance at 1.3140/50 levels (recent high), 1.32 levels (50% fibo retracement of Jul high to Sep low).”
“Decline in S$NEER has moderated and is now stabilizing in its range of 1.6 – 2% above model implied mid. Last estimated at 1.7% above model-implied mid.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD reaches fresh weekly lows with ECB, dismal US data
EUR/USD trades near a fresh weekly low of 1.0468 after the European Central Bank trimmed interest rates as expected, and the United States published discouraging employment and inflation-related data. The US Dollar finds additional support in a dismal market mood.
GBP/USD nears 1.2700 on broad US Dollar demand
GBP/USD is pulling further back towards the 1.2700 level in the European session on Thursday as traders turn cautious. The pair reverses earlier gains as the US Dollar gathers strength following dismal United States data.
Gold pierces $2,700 as investors assess US news, ECB decision
XAU/USD pierced the $2,700 threshold and remains under pressure as investors diggest US figures and the European Central Bank monetary policy announcement. Inflation in the US at wholesale levels rose by more than anticipated in November, according to the latest Producer Price Index release.
-637336005550289133_Medium.jpg)
Chainlink surges amid World Liberty purchase, Emirates NBD partnership and CCIP launch on Ronin network
Chainlink price surges around 15% on Thursday, reaching levels not seen since mid-November 2021. The rally was fueled by the Donald Trump-backed World Liberty Financial purchase of 41,335 LINK tokens worth $1 million on Thursday.
Can markets keep conquering record highs?
Equity markets are charging to new record highs, with the S&P 500 up 28% year-to-date and the NASDAQ Composite crossing the key 20,000 mark, up 34% this year. The rally is underpinned by a potent mix of drivers.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.