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May 10, 2013
Forex: USD/SGD forms bullish engulfing candle on daily chart
FXstreet.com (Barcelona) - The USD/SGD closed sharply higher, up 62 pips at 1.2336. It was the US Dollar which was well bid across the board, with the major catalyst seeming to from the USD/JPY surpassing the 100 level for the first time in four years.
There will not be any economic data to report out of SGD in the coming session.
From a technical perspective, the pair formed a bullish engulfing candle on the daily chart which could help lead to further gains in coming sessions. Previously the pair had confirmed a head & shoulders top (with a close below 1.2360 on April 29th) which had targets of 1.2210. It now appears these targets may not be reached, but the pattern head & shoulders pattern will not be negated until a daily close above 1.2360 occurs.
Short term moving averages are now in neutral set up, with price now between both the 9 and 20dma’s. The RSI (14) remains in bearish set up, sitting between the 60-20 zone. Initial resistance sits at 1.2354 (the 20dma), while first support sits at 1.2324 (the 9dma).
There will not be any economic data to report out of SGD in the coming session.
From a technical perspective, the pair formed a bullish engulfing candle on the daily chart which could help lead to further gains in coming sessions. Previously the pair had confirmed a head & shoulders top (with a close below 1.2360 on April 29th) which had targets of 1.2210. It now appears these targets may not be reached, but the pattern head & shoulders pattern will not be negated until a daily close above 1.2360 occurs.
Short term moving averages are now in neutral set up, with price now between both the 9 and 20dma’s. The RSI (14) remains in bearish set up, sitting between the 60-20 zone. Initial resistance sits at 1.2354 (the 20dma), while first support sits at 1.2324 (the 9dma).