The USD/SGD pair is trading at the 1.2605 level. In the daily chart, the pair has broken the supporting trend line and now is trading below the short term moving averages. But it holds its 50.0 fib level and 200DEMA at the level 1.2555. Last week, the pair formed a nice base at the level of 1.2560. During three consecutive days, it was taking the support and finally flew back towards the descending trend line at the level 1.2670. The RSI looks positive in the daily chart.
Positional basis:
S1 1.2560 R1 1.2640
In the hourly chart, the pair made a triple top at the level 1.2610 in Asia's trading session on Tuesday. The RSI signs a positive divergence in the chart. We could expect a nice pullback from the cmp. It is likley to gain more strength if it trades above the level 1.2610.
Intraday levels:
S1 1.2575 R1 1.2610
S2 1.2560 R2 1.2630
Recommendation:
Buy with sl 1.2540 for the targets 1.2670 and 1.2685.
