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15 May 2013
Forex: USD/SGD adds to gains, finishes higher for fourth straight day
FXstreet.com (Barcelona) - The USD/SGD finished the day sharply higher, closing up 25 pips at 1.2430. The pair has been rising steadily the last four days, adding just over 150 pips since the close on May 9th. Economic data released out of Singapore in the coming session will be limited to Retail Sales, due out at 5:00 GMT. The pair is currently down eight pips at 1.2422 in Asia trade.
The FXStreet.com Trend Index remains slightly bullish on the daily chart, while the OB/OS Index reads Overbought. The bullish engulfing candle which formed back on May 9th has helped lead to some pretty impressive gains over the last 3 days. Initial resistance now sits at 1.2236 (high price from April 24th), followed by 1.2465 (previous support, now resistance on daily chart). First support sits at 1.2411 (the 50dma on 30min chart), followed by 1.2375 (bullish engulfing candle on 30min chart).
The FXStreet.com Trend Index remains slightly bullish on the daily chart, while the OB/OS Index reads Overbought. The bullish engulfing candle which formed back on May 9th has helped lead to some pretty impressive gains over the last 3 days. Initial resistance now sits at 1.2236 (high price from April 24th), followed by 1.2465 (previous support, now resistance on daily chart). First support sits at 1.2411 (the 50dma on 30min chart), followed by 1.2375 (bullish engulfing candle on 30min chart).