0153 GMT - Further USD/SGD weakness appears likely, given that its weekly moving average convergence divergence indicator has turned negative, says Quek Ser Leang, markets strategist of UOB's Global Economics & Markets Research, in a research report. The currency pair's break below significant support on its ascending weekly trendline last Thursday resulted in a sharp and swift selloff that touched a low of 1.3406 on Friday, the strategist notes. If USD/SGD breaks below the weekly Ichimoku cloud's solid support zone between 1.3380 and 1.3400, focus will shift to 1.3340 followed by 1.3270, the strategist adds. USD/SGD is up 0.1% at 1.3443. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 15, 2024 21:53 ET (01:53 GMT)
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