FxNews—The American dollar (dollar) is trading in a bear market below the 50- and 100-period simple moving averages against the Singapore dollar. As of this writing, the USD/SGD currency pair trades at approximately 1.291, its lowest price point since 2024.
The daily chart below demonstrates the price, support, and resistance levels and the technical indicators utilized in today’s analysis.
USDSGD Technical Analysis – 19-September-2024
The primary trend is bearish because the currency pair’s price is below the 50- and 100-period simple moving averages. Additionally, the pair trades in the bearish flag, another sign of robust selling pressure.
- The Stochastic oscillator gives mixed signals. The indicator shows 51 in the description, meaning there is resistance to continuing the downtrend.
- The Awesome oscillator histogram is below the signal line, indicating the primary trend is bearish.
- The Relative strength index, or RSI 14, is below the median line and approaching the 30 level, suggesting that the bear market has momentum and the USD/SGD is not oversold.
Overall, the technical indicators suggest the primary trend is bearish and should resume to lower support levels.
USDSGD Forecast – 19-September-2024
The immediate resistance for the current downtrend rests at 1.3, in conjunction with the 50- and 100-period simple moving averages. If the USD/SGD price holds below 1.3, the bear market will likely target the following support area at 1.20.
Please note that the bear market should be invalidated if the USD/SGD price crosses above the immediate resistance at 1.3.
USDSGD Bullish Scenario – 19-September-2024
The currency pair can potentially consolidate near the August 14 low at 1.315 if the bulls (buyers) close and stabilize the USD/SGD price above the immediate resistance at 1.3, the August 26 low.
USDSGD Support and Resistance Levels – 19-September-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 1.20
- Resistance: 1.30 / 1.315