USD/SGD: Two-way trade with sell-on-rally bias – OCBC
OCBC strategists Sim Moh Siong and Christopher Wong report that USD/SGD fell into the New York close, helped by a sharp Brent decline and a pullback in USD/JPY, easing immediate inflation and yield concerns. They stress that the move looks more like relief than reversal, keeps a bias to sell rallies, and highlight support at 1.2720/1.2680 and resistance around 1.2760/1.2770 and 1.2850.
Relief-driven dip but not full reversal
"USD/SGD fell into Fri NY close, consistent with our call to sell rallies."
"Nevertheless, the move lower should be seen more as a relief than a full reversal."
"Geopolitical headlines remain fluid, and any renewed spike in oil price could quickly revive concerns over inflation, growth and broader risk sentiment."
"Markets are expected to keep a close eye on US-Iran developments (for implications on oil prices and sentiment) and if USD/JPY’s decline has more room to run."
"Pair was last at 1.2730 levels. Daily momentum and RSI indicators are not showing a clear bias for now. 2-way trades likely in the interim; bias remains to sell rallies"
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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