Mar. 23, 2023
USD/SGD is down to 1.3273, after ending yesterday at 1.3287. Overall, a 0.11% loss or 13 pips today.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. A crossing of the lower Bollinger Band® at 1.3296 suggests further losses may follow for USD/SGD.
Looking forward, USD/SGD is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other pairs as EUR/JPY is down to 141.34, losing 136 pips, after closing at 142.7 in the preceding trading session. EUR/NZD closed at 1.7325 (down 0.72%). USD/JPY is down 95 pips from the beginning of the session and now trades around 130.43.