Thursday, November 14, 2024
11.3 C
London

Overbought USDSGD Still Climbing Toward 1.342

FxNews—The Greenback is in a robust uptrend against the Singapore dollar at approximately 1.337, gaining 0.28 percent in today’s trading session. Strong buying pressure drove the Stochastic oscillator into overbought territory, signaling that the U.S. dollar is overpriced.

Therefore, the USD/SGD pair is anticipated to start a new consolidation phase, which could cause the price to dip and test the lower support levels.

USDSGD Forecast - 12-November-2024
USDSGD Forecast – 12-November-2024

USDSGD Forecast – 12-November-2024

The immediate support is at 1.332. From a technical perspective, the USD/SGD can potentially erase some of its recent losses if sellers push the price below the immediate support. If this scenario unfolds, the consolidation phase could extend to the October 29 high at 1.326.

It is worth mentioning that the 1.326 offers a low-risk and decent bid to join the uptrend. Therefore, we suggest traders and investors monitor this level closely.

Please note that the bullish outlook should be invalidated if the USD/SGD value falls below 1.32 (the November 4 Low).

  • Support: 1.332 / 1.326 / 1.320
  • Resistance: 1.342

Latest Posts

GBPJPY Poised to Break 198 Amid Japanese Stock Dip

FxNews—The GBP/JPY currency pair has been moving sideways since...

Fed Rate Cut Looms as NZDUSD Tests Critical Support

FxNews—The NZD/USD trades bearishly. In today's trading session, it...

AUDUSD Dips to $0.647 as Australia Job Growth Falls Short

FxNews—On Thursday, the Australian dollar fell below the 0.653...

GBPUSD Dips Below $1.284 as UK Job Market Weakens

FxNews—The GBP/USD currency pair continued declining, nearing the June...

EURUSD Targets 1.045 Amid Sharp Drop in ZEW Index

FxNews—The EUR/USD currency pair fell below $1.06 support, marking...

Silver Remains Bearish Below $31 as Solar Demand Dips

FxNews—Today, silver prices climbed to $31 per ounce, halting...

Gold Plunge as ETFs Pour $809 Million in November

On Wednesday, the price of gold stayed below the...

NATGAS Rebounds from $2.55 with Warm Weather Ahead

FxNews—Natural gas prices in the U.S. have fallen below...

Oil Slides to $67 After Testing Bearish Gap

FxNews—Crude Oil began its downtrend after the price tested...

Expect Lower Gasoline Rates Below $1.97

FxNews—The Gasoline is in a bear market because the...

Natural Gas Hits Overbought as $2.68 Critical Resistance

FxNews—In our previous NATGAS article (NATGAS Faces Major Resistance...

Oil Slips Under $68 with China Economic Action on Hold

FxNews—On Tuesday, WTI crude oil futures fell below $68...

Gasoline Downtrend Likely as Price Nears Key $2.01 Support

FxNews—Gasoline is trading within a bearish flag pattern, as...
spot_imgspot_img