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Singdollar Edges Higher, USD/SGD RSI Pulls Back Below 70

SGD

Spot USD/SGD has shed 22 pips thus far and last changes hands at SGD1.3842 as its RSI has pulled back below the 70 threshold, returning from overbought territory.

  • The few days since the back end of last week have seen consolidation within a narrowing range, which follows a sharp rally since mid-Apr.
  • From a technical point of view, bears look for a sell-off past the 23.6% retracement of the Feb 10 - Apr 28 rally/Apr 29 low at SGD1.3788/83 before targeting Mar 15 high of SGD1.3688, a recent breakout point.
  • Bulls need a push through SGD1.3905, which marks a recent two-year high and capped gains on Apr 28, before taking aim at Jun 22, 2020 high/round figure of SGD1.3994/1.4000.
  • Singapore's PMI data will hit the wires on Wednesday, with retail sales coming up Thursday.
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