Following a one-month period of consolidation from February to April, the USD/SGD exchange rate gathered momentum mid-April and shot up until 1.35 where it was located at the time of this analysis.
If looking in the shorter term, the US Dollar failed to form a wave up last week. Thus, it seems that the previous bullish momentum has allayed which may point to a soon breakout south. In order to confirm this scenario, the Greenback has to breach the 55– and 100-hour SMS, the 23.60% Fibonacci retracement line and the weekly R1 near 1.3370.
It is possible that the rate still finds some support by the aforementioned SMAs which might lead the pair towards the weekly R3 and the 38.20% Fibo during the nearest sessions.
By and large, the bearish sentiment should eventually take over the market and allow for a medium-term decline.
If looking in the shorter term, the US Dollar failed to form a wave up last week. Thus, it seems that the previous bullish momentum has allayed which may point to a soon breakout south. In order to confirm this scenario, the Greenback has to breach the 55– and 100-hour SMS, the 23.60% Fibonacci retracement line and the weekly R1 near 1.3370.
It is possible that the rate still finds some support by the aforementioned SMAs which might lead the pair towards the weekly R3 and the 38.20% Fibo during the nearest sessions.
By and large, the bearish sentiment should eventually take over the market and allow for a medium-term decline.