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USD/SGD sellers alleviate upside pressure

USD/SGD traders could soon see a period of short-term weakness on an intraday basis, allowing for some severe overbought studies to unwind.

The 50 SMA is above the 200 SMA on the hourly chart, at a distance superior to the daily ATR. This indicates an up-trending condition.

Longer-term traders following the 4H stochastic above 50%, don’t necessarily need to liquidate their long positions, but the 1-hour stochastic is increasingly hinting that it could be necessary soon.

The oscillator has build a plateau above the 70% level for more than eight hours and has just abandoned overbought territory with the recent hourly close. This is a warning of a potentially important short-term top.

EUR/USD: minor recovery needs to break 1.0800 - FXStreet

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EUR/USD continues to move back and forth within its daily range unable to set short term direction as investors assess recent events and their implications on the ECB and the Fed monetary paths.
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