25 Oct 2013
USD/SGD creeping higher in wave “c” of “abc” upside correction; target 1.2426
FXstreet.com (Barcelona) - The USD/SGD set a double bottom at 1.2361 Thursday and has thus far managed to work higher off those lows. Singapore’s September Industrial Production figures and US data loom, though.
USD/SGD traders to eye data from both countries Friday
The traders of the USD/SGD cross will be focusing on the Industrial Production figures out of Singapore in the next 90 minutes as well as Durable Goods and the University of Michigan Consumer Sentiment Survey out of the US later in the session.
Technical outlook for USD/SGD
Technicians say the USD/SGD appears to be in wave “c” of an upside “abc” correction with an ultimate target of 1.2426. On the way up to that level, some waves of selling may come in at horizontal line resistance of 1.2383 and Wednesday’s peak at 1.2405. Double-bottom support (from Thursday) for the cross comes in at 1.2361.
USD/SGD traders to eye data from both countries Friday
The traders of the USD/SGD cross will be focusing on the Industrial Production figures out of Singapore in the next 90 minutes as well as Durable Goods and the University of Michigan Consumer Sentiment Survey out of the US later in the session.
Technical outlook for USD/SGD
Technicians say the USD/SGD appears to be in wave “c” of an upside “abc” correction with an ultimate target of 1.2426. On the way up to that level, some waves of selling may come in at horizontal line resistance of 1.2383 and Wednesday’s peak at 1.2405. Double-bottom support (from Thursday) for the cross comes in at 1.2361.