USDSGD broke Trend Line, Probably Continues Range Trading

12 Nis 2019

USDSGD broke its long-term trendline during Thursday trading, but moved below this line during Friday trading in spite of the fact that oscillators are pointing towards a bit of an upward turnaround. RSI signals a neutral reading while the stochastic oscillator suggests USDSGD could make a leg up higher. Clearly, a floor appears to be around 1.3446 and 1.3453 with two reversals from this level. A linear regression from September 2018 suggests this will happen on average by May, but the upper 95 percent confidence interval tells us it could be much later if this is a floor. Either way, sideways trading within a range of 1.3616 and 1.3446 is the most likely scenario in the short-term.