FX.co ★ Elliott wave analysis of USD/SGD for January 30, 2023

It has been a couple of weeks since we saw USD/SGD break below the S/H/S top neckline near 1.3256. With this break, the S/H/S top was activated for a decline towards at least 1.2049 in the weeks/months ahead. Ultimately, we will be looking for a break below the 2011 low at 1.2000 for a decline closer to par against the USD in the coming years.

Short-term we could still see some consolidation within the 1.3100 - 1.3250 area before the next down move towards 1.2049 and ultimately lower.