FxNews—The U.S. dollar trades in a robust downtrend against the Singapore dollar. Today, the USD/SGD currency pair demonstrated weak bullish momentum by bouncing off the lower line of the bearish flag in the 4-hour chart.
The chart below illustrates the price, key support and resistance levels, and the technical indicators used in today’s analysis.
USDSGD Technical Analysis – 30-September-2024
The primary trend remains bearish as the currency pair trades below the 50- and 100-period simple moving averages. Furthermore, the market is oversold as the Stochastic oscillator hovers below 20.
- On the other hand, the Relative Strength Index (RSI) indicator shows some bullish bias as it approaches the median line.
- That said, the Awesome Oscillator bars are below the signal line; however, the recent bars have turned green and are rising, which indicates that the bear market is weakening.
Overall, the technical indicators suggest the primary trend is bearish, but the USD/SGD price has the potential to rise and test the upper resistance levels.
USDSGD Forecast – 30-September-2024
It is not advisable to join a bear market in an oversold state. Therefore, the U.S. Dollar may erase some of its recent losses against the Singapore dollar, near the September 18 low of 1.29.
The 1.29 mark aligns with the 50-period simple moving average, making it a reliable demand zone. Traders and investors should monitor this level closely for bearish signals, such as harmonic patterns and bearish candlestick formations, before rejoining the downtrend.
Please note that the bear market should be considered invalidated if the USD/SGD price crosses above the 100-period simple moving average, which is reinforced by the descending trendline.
- Also read: EUR/JPY Forecast – 30-September-2024
USDSGD Support and Resistance Levels – 30-September-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions evolve.
- Support: 1.2720
- Resistance: 1.290 / 1.300
