14 Oct 2013
USD/SGD plunges to 1.2451, 3-week lows on data release
FXstreet.com (Chicago) - USD/SGD opened stronger with runaway gap for an apparently good start in Asia. Nonetheless, two hours in, the pair stumbled to session lows wiping out all gains after better than expected results in Singapore weakened the greenback.
GDP results in Singapore
Latest news in Singapore according to Eamonn Sheridan state the GDP for the third quarter of the year (YoY) was 5.1% vs. expected 3.8%. In the US, the crisis continues with no conclusive clarity to end the political crisis.
USD/SGD Technical Levels
Technically speaking, the pair trades at 1.2451 below the EMA20 and attempts to bounce off lows after wiping out all gains on runaway gap beginning. On the downside, supports are aligned at 1.2446 (September 20th lows), 1.2422 (September 19th lows) ahead of 1.2374 (May 20th lows) while the upside prints resistances set 1.2473 (October 8th lows), 1.25 (October 8th highs) ahead of 1.2542 (October 10th highs).
GDP results in Singapore
Latest news in Singapore according to Eamonn Sheridan state the GDP for the third quarter of the year (YoY) was 5.1% vs. expected 3.8%. In the US, the crisis continues with no conclusive clarity to end the political crisis.
USD/SGD Technical Levels
Technically speaking, the pair trades at 1.2451 below the EMA20 and attempts to bounce off lows after wiping out all gains on runaway gap beginning. On the downside, supports are aligned at 1.2446 (September 20th lows), 1.2422 (September 19th lows) ahead of 1.2374 (May 20th lows) while the upside prints resistances set 1.2473 (October 8th lows), 1.25 (October 8th highs) ahead of 1.2542 (October 10th highs).