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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).

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