7 May 2013
Forex: USD/SGD edges lower during quiet trading in Asia
FXstreet.com (Barcelona) - The USD/SGD is trading flat during the Asia session at 1.2310. It will be a quiet session on the economic front with Foreign Reserves due out of SGD at 9:00GMT. The upcoming US session will also be quiet with the main IBD/TIPP Economic Optimism due out at 14:00GMT
From a technical perspective, the head & shoulders pattern which was completed on the daily chart (April 29th) remains intact and has longer term measured move price target down near 1.2210. The short term moving averages remain bearish and should act as firm resistance on any advances in the coming session. Initial resistance sits at 1.2330 (the 200dma), followed by 1.2362 (the 20dma). First support sits at 1.2289 (previous day low), followed by 1.2269 (previous resistance, now support on daily chart).
From a technical perspective, the head & shoulders pattern which was completed on the daily chart (April 29th) remains intact and has longer term measured move price target down near 1.2210. The short term moving averages remain bearish and should act as firm resistance on any advances in the coming session. Initial resistance sits at 1.2330 (the 200dma), followed by 1.2362 (the 20dma). First support sits at 1.2289 (previous day low), followed by 1.2269 (previous resistance, now support on daily chart).