USD/SGD: Bearish divergence? – OCBC

USD/SGD’s advancement came close to 1.3490 but eased this morning. Last seen at 1.3404 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Bearish divergence on MACD appears to be forming

“Daily momentum is mild bullish but rise in RSI moderated. Bearish divergence on MACD appears to be forming. We watch price action if USD/SGD trades lower, tactically.”

“Support at 1.3290 (61.8% fibo retracement of Jun high to Oct low). Resistance at 1.3490, 1.3520 levels. S$NEER was last at 1.30% above model-implied mid.”