Re-visiting USDSGD

 There are 2 public holidays happening in the coming week. We first have labour day follows by Hari Raya Puasa within the same week. We are in fact having a very long weekend this week. 

Unfortunately, my son is in the midst of his mid year examination, we therefore having more than staycation for this extra long weekend, we are having stayhome-cation....

Anyway, I am a little tired with sticking too Dow Jones, Hang Seng and Nikkei on this blog. So during the week, I was thinking much about what to write for the weekend. Finally, I have decided on USDSGD.

I have briefly mentioned SGD in my entry on strengthening of USD. I feel that it concerns me since I live in Singapore, and I am experiencing some inflation in recent weeks.  So how is SGD doing at this point of time?

Fig1. USDSGD weekly chart

In my last entry, I mentioned that the rise of USD against SGD was more gradual than some other counters. It seems that there is an escalation recently started on the week of 14th April 2022. So how does it look based on its technical setup?

Let's start from the bottom, we can see a double bottom November 2020 to July 2021, measuring using this setup, the minimum objective is 1.3911, which USDSGD is close to reaching this week. Does it mean that USDSGD has reached its peak?

Using Fibonacci projection with the bottom setup, USDSGD protruded past its 161% resistance level, while it retreated, the 161% projection resistance turned support preventing its descend. At this point, the few moving averages are aligned to support a continue climb of USD against SGD.  So is it going to continue its climb?

The thing is that the body of the bar this week overlaps and stayed within the bbody of last week's. It is difficult to say if it will continue its journey, considering the projection based on the more recent set up indicated the counter reached and reversed at its 127% resistance level. 

It is probable that the counter might congest with support at the various moving averages before it continue to move on.

If it is to climb further, there are resistance between 1.397and 1.40. These might be the more probable points which USDSGD might reverse.