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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Singapore dollar rose on Thursday as the greenback retraced its move higher earlier this week. The pair dropped from highs of 1.3353 early in the Asia-Pac session yesterday to lows of 1.3302, the rate last on the screens down 5 pips at 1.3307. Support at 1.3300, a 61.8% retracement level, held firm and is the target for bears today. Below here sees support at 1.3245. Resistance is seen at 1.3344, a 50.0% retracement level. Also acting as resistance are the 100-DMA at 1.3329 and 50-DMA at 1.3364.

  • Fig.1: USD/SGD

Source: MNI/Bloomberg

  • Another empty day on the local economic docket, participants look ahead to CPI data on Monday and GDP data on Tuesday next week.

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