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Forex: USD/SGD off fresh 2013 highs below 1.25

USD/SGD is last at 1.2455, off Monday's fresh 2013 highs at 1.2486, and yesterday's highs at 1.2477, up 2% since start of the new year. “Regionwide risk aversion, triggered by China's latest property-market curbs, had dragged the Singaporean currency to a six-month low Monday,” said Chun Han Wong at DowJones. The pair is higher by +0.37% for the week so far.

As Catherine Tan at IFR Markets says, USD/SGD is “sandwiched” between inflows coming from corporate buyers around the 1.2440 level, while specs are touted ahead of the 1.2430, and sellers above the 1.2450 mark. USD/SGD broke Monday its 200 day SMA last slightly below the 1.24 round, that had been working as resistance for all Feb month long.

Immediate resistance to the upside for USD/SGD shows at yesterday's highs 1.2477, followed by Monday's 2013 record highs at 1.2486, and Sept 05 highs at 1.2501. To the downside, closest support lies at current levels as Feb 11 highs 1.2450, followed by yesterday's lows/Feb 21 highs 1.2430/4, and Feb 18 highs at 1.2415.

Keep an eye on the oil market after Chavez's death

Following the breaking news of Venezuela's president Hugo Chavez, which has no direct impact on the currency market, traders should probably keep an eye on the Oil market. Venezuelan Vice President Mr. Maduro is expected to win the elections and become his successor.
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Forex: AUD/USD, potential for 1.0330 on upbeat Aus GDP - V.Bednarik

Following a V-shaped reversal off a 7-month low near 1.01, the recovery above 1.0180 extended past a key swing high at 1.0240, printing a Tuesday's high of 1.0260, although that level is also history now, as the AUD/USD continues to rally to a new Asian session high at 1.0269 ahead of the Australian GDP data, released at 00.30GMT.
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