USD/SGD tumbles towards the June 2018 low at 1.3307 – Commerzbank


The USD/SGD trades in two and a half year lows and has the 1.3346/07 area in its sights, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, informs. 

Key quotes

“USD/SGD’s descent has taken it to the current November low at 1.3407 while on its way to the June 2016, September 2017 and June 2018 lows and February 2018 high at 1.3346/07. In this vicinity, the cross is likely to at least short-term stabilise. Much further down the January-to-March 2018 lows can be found at 1.3053/09.”

“Good resistance above the 1.3513 November 11 high can now be spotted between the early September and October lows at 1.3526/59. Overall downside pressure should be maintained while the cross remains below the current November high at 1.3714. Below it meanders the 55-day moving average at 1.3601.”

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD stays pressured towards 1.1200 on firmer dollar, yields

EUR/USD closes in on 1.1200, as global stocks take a plunge. The Fed's hawkishness is reverberating throughout markets, boosting the safe-haven US dollar. The US two-year Treasury yields jump to 23-month highs. US Q4 GDP awaited. 

EUR/USD News

GBP/USD hits monthly lows below 1.3450 amid Fed-led risk-aversion

GBP/USD is inching lower towards 1.3400, sitting at monthly lows amid the hawkish Fed outlook-led risk-aversion. The US dollar remains strongly bid in tandem with the Treasury yields. Brexit and UK political concerns add to the cable's downside. 

GBP/USD News

Gold drops towards $1,800 on bullish channel break, US GDP eyed

Gold prices remain pressured after posting the heaviest daily fall in two months. Hawkish Fed, geopolitical concerns weigh on market sentiment. DXY jumps to six-week high, yields struggles after rising the most in three weeks.

Gold News

Why Bitcoin price could form a bottom following the January 28 options expiry

Bitcoin open interest volume by expiry date indicates a majority of bearish sentiment in the market. BTC options worth roughly $2 billion will expire by the end of this week. 

Read more

US GDP Preview: Inflation component could steal the show, boost dollar. Premium

More than double than pre-pandemic – the 5% annualized growth rate expected for the fourth quarter is a reason to be cheerful. That may boost the dollar, but not stocks, which are wary of tighter monetary policy from the Fed.

Read more

Forex MAJORS

Cryptocurrencies

Signatures