FxNews—The American dollar trades bullish against Singapore’s dollar, above the 50-period simple moving average. The currency pair is also inside the bullish flag in the 4-hour chart, which adds to the uptrend.
As of this writing, USD/SGD trades at approximately 78.6% Fibonacci (1.342).
USDSGD Stabilizes Above Key Support Eyeing 1.359
The critical support level that divides the bull market from the bear market rests at 1.336, and the trend outlook remains bullish as long as prices are above it. That said, we expect USD/SGD to aim toward the next bullish barrier at 1.359 gradually.
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Please note that the bearish outlook should be invalidated if prices dip below the critical support of 1.336. If this scenario unfolds, USD/SGD will likely fall to the next supply level, approximately 1.326, followed by 1.320.