USD/SGD intraday : the RSI is oversold

Our pivot point is at 1.2953.

Our preference: the downside prevails as long as 1.2953 is resistance

Alternative scenario: above 1.2953, look for 1.2981 and 1.2997.

Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.2984 and 1.3056).

Supports and resistances:

1.2997 **

1.2981 *

1.2953 **

1.2942

1.2927 last

1.2888

1.2872 **