Weekly Analysis for Singapore Binary Options Brokers
The Singapore Dollar has strengthened markedly this year at the expense of the weakness in the US Dollar which saw the USDSGD pair hitting new 11 month lows as the end of July. The outperformance of the Singapore Dollar appears unjustified, though, as the South Asian economy is still struggling and inflation remains stubbornly below the target of the Monetary Authority of Singapore (MAS).
In this sense, a formation of a low in the USDSGD pair seems to be close and traders should consider positions with call binary options on the pair – targeting a move higher in the coming weeks.
Still, fundamentally the US Dollar is likely to remain weak, though it should not be as much as in the first half of this year. As a result, USDSGD is unlikely to appreciate quickly from these levels, but rather it should continue to move at a gradual pace as has been the case for most of this year.
Binary options are, therefore, a great way to position and trade ranging and unpredictable markets. Singapore binary options Traders should just make sure that they find a Singapore binary options broker to ensure they get the best experience possible.
The pair is trading in a strikingly precise manner respecting all the support and resistance trendlines and has not traded outside of its channels for more than 1 year as can be seen from the chart below. This gives a very clear perspective for where traders should place their entry and stop orders as well as for trading the pair via binary options.
Currently, the pair is trading near the important 1.37 resistance level, which has been tested many times in the past year (orange markings)
Strong support is not far away, at 1.35.
A breakout of 1.37 higher would confirm a bottom in the USDSGD pair. If the resistance holds on the other hand, then USDSGD might just as well test the 1.3350 and 1.33 lows from last year.
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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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