12 Jul 2013
USD/SGD threatening the 1.26 support
FXstreet.com (Barcelona) - The USD/SGD foreign exchange rate is last trading at 1.2602, off recent fresh 3-week lows at 1.2573, posted on the back of massive USD weakness following yesterday's Fed Bernanke's comments.
USD/SGD weak above 1.26 support
“Singapore’s advance reading on Q2 GDP is due at 10am Syd/8am local time, with consensus 2.0% y/y vs 0.2% y/y. The q/q annualized growth rate could be as high as 8%, an obviously misleading number best ignored,” said Westpac's analysts. According to Peter Whitley from IFR Markets, the “unwinding taper trades” are set to continue.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at June 19 lows 1.2547, followed by May 20 lows at 1.2530, and June 14 lows at 1.2475. To the upside, closest resistance shows at June 28 lows 1.2613, followed by June 11 highs at 1.2635, and June 25 lows at 1.2657.
USD/SGD weak above 1.26 support
“Singapore’s advance reading on Q2 GDP is due at 10am Syd/8am local time, with consensus 2.0% y/y vs 0.2% y/y. The q/q annualized growth rate could be as high as 8%, an obviously misleading number best ignored,” said Westpac's analysts. According to Peter Whitley from IFR Markets, the “unwinding taper trades” are set to continue.
USD/SGD key technical levels
Immediate support to the downside for USD/SGD lies at June 19 lows 1.2547, followed by May 20 lows at 1.2530, and June 14 lows at 1.2475. To the upside, closest resistance shows at June 28 lows 1.2613, followed by June 11 highs at 1.2635, and June 25 lows at 1.2657.