USD/SGD drops after triple resistance test
MarketsFN Team
USD/SGD tested its triple top in area 1.3572 and the dropped in three sessions by 0.65%. Today the pair is down by 0.14% to 1.3488.
This one however was not the only technical resistance for the pair because at near last week high there were also the 200 day SMA and the 38.2 Fibonacci retracement of the downtrend started last September and ended in January.
In the reactive spectrum of technical analysis we can say that USD/SGD made a triangle formation where the trendline that links lower lows will be relevant to assess the possible downtrend of the pair. Below 1.33 possible another bearish leg, while in case of a breakout of 1.3572 USD/SGD could rally and and possibly develop a bullish channel, but this is one of the many predictive hypothesis.
