USD/SGD MACD indicates downside pressure

The failure of MACD to test recent highs indicates that USD/SGD could be facing downside pressure soon.

Over the past two weeks, it has become evident that a bearish divergence between USD/SGD spot and the MACD has developed, which typically implies weakness ahead. Additionally on a 4-hour chart, we can see that the MACD line pushed below its signal line, a further bearish forewarning.