The best days for USD/SGD may be over, and the first quarter of 2023 is bearish.
USD/SGD Technical Forecast – Bearish
The Singapore dollar’s years of weakness against the U.S. dollar may be over and the Singapore dollar is poised to extend its gains in the coming year. Let’s start with the super large quarterly chart. There are several notable aspects. USD/SGD has held below key resistance at its 89-quarter moving average since it started rising around 2014. Even with USD strength, the pair has been unable to clear any significant price pivot points – the March 2009 high of 1.5580 is starting to play a significant role.
Furthermore, the moving average convergence divergence (MACD indicator) on quarterly charts has been hovering around zero levels in recent years, even though the trend is very clear on shorter time frames. That said, on the quarterly chart, USD/SGD has been doing well in a range rather than an uptrend (as shown). In other words, the rally since 2014 may have been corrective rather than a reversal of nearly two decades of weakness. When the MACD indicator effectively breaks through the zero level, it releases a bullish signal, and vice versa.
USD/SGD Quarterly Chart
Chart by Tradingview
The monthly chart of USD/Singapore also depicts a similar scene, click to view the detailed analysis of the full text, the exciting content is not to be missed!
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