USDSGD Analysis for Singapore Binary Options brokers
Contents
Fundamentals
The USDSGD pair continues to trade in a broad range as both currencies remain fundamentally weak compared to their other counterparts, note Singapore binary options brokers.
Just this Monday, the manufacturing sector in Singapore barely expanded with the PMI showing a 50.9 reading. Slow growth and low inflation put pressure on the Monetary Authority of Singapore to keep interest rates low and keep the SGD weak.
The slowdown in the US economy is not helping the US dollar either and with that the USDSGD exchange rate may stay range bound for a while longer, thus making Singapore binary options an attractive investment opportunity.
This week is huge for the US Dollar with the FOMC meeting minutes released on Wednesday and the Non-Farm Payrolls on Friday. Particularly a very good NFP can push USDSGD higher, while on weak NFP numbers USDSGD is likely to fall due to USD weakness suggests analysis of brokers at Singapore binary options.
Technicals
The USDSGD pair is still trading in this bearish channel since February (see chart) although it currently is close to its support trendline hence a rebound seems more likely.
In addition, a double bottom has formed on the daily chart strengthening the case for USDSGD to finally bottom out around the 1.37 handle.
Overall USDSGD provides good opportunities for trading binary options and traders should always look for the best Singapore binary options brokers before they start trading.
Resistance comes first at 1.39 and then at 1.40 at the resistance trendline of the channel. A break higher will mean a bullish breakout of the channel giving opportunities to profit by buying the pair or opening call Singapore binary options positions.
A bearish break below 1.37 support will open the way to 1.35.
Overall USDSGD provides good opportunities for trading binary options. Traders should always look for the best Singapore binary options brokers before they start trading binary options.
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RISK WARNING
Your capital may be at risk. This material is not investment advice
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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