A resilient consolidation since mid-May, holding above the trend line support from earlier in May off of 1.3615, to approach last week’s cycle high at 1.3785, sustaining the short- and intermediate-term bull trends and aiming higher again for Tuesday.
The intermediate-term bull trend was triggered above 1.3580 back in April and is fully intact whilst above 1.3674.
- We see an upside bias for 1.3785; break here aims for 1.3831 and 1.3866.
- But below 1.3738 opens risk down to 1/3705, maybe towards 1.3674.
Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.3865.
- Higher targets would be 1.4000 and 1.4333
- What Changes This? Below 1.3674 shifts the intermediate-term outlook straight to a bear theme.
4 Hour USDSGD Chart