USD/SGD: Support at 1.3164/51 is exposed – Commerzbank

USD/SGD is eroding a 10-year uptrend leaving this year's lows and the 2015 low exposed at 1.3164/51, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

USD/SGD slips back towards the 2011-2021 uptrend line at 1.3206

“USD/SGD has eroded the 1.3233/32 April and early May lows, and has started to break down through the 2011-2021 uptrend line at 1.3206, leaving the January and February throughs at 1.3161/56 exposed.” 

“The pair stays offered below the 1.3344/1.3413 55-day moving average, 200-day ma, the 1.3385/93 February high, mid-March low and May high.” 

“A fall through the January and February lows at 1.3164/51 (2015 low as well) would confirm the resumption of the long-term downtrend which began early last year, to target the 1.3009 2018 low.”