Weekly Analysis for Singapore Binary Options Brokers
Singapore binary options brokers note that USDSGD broke the key support level at 1.37 last week on a new bout of US Dollar weakness. The USD is falling this week also as the US Federal Reserve is now more concerned about low inflation than previously.
The fall in USDSGD is more about USD weakness than SGD strength after US inflation slowed markedly according to the latest CPI reports. Traders have sold the Dollar aggressively as a result and the Singapore Dollar benefited.
While more USD weakness is likely in store, first traders will want to see the GDP report tomorrow to evaluate how the US economy is doing. The report is expected to show growth of 2.5% over the previous quarter, which is a bit over-optimistic suggest Singapore binary options brokers. If actual growth is below these expectations a renewed selling of the US Dollar is likely to occur which can mean USDSGD taking another leg lower and pushing to fresh lows
Still, trading economic data tends to be volatile and unpredictable as the report can come both ways and cause either USD to strengthen or to weaken. Some traders prefer to position via Singapore binary options in such events which can help to limit the risks significantly.
The downward channel that was keeping the pair in check was aggressively broken to the downside last Wednesday. This is a bearish sign as it means that the downtrend has accelerated and is taking a steeper path than before.
The 1.35 level immediately below current prices is support ahead of the mid-2016 support at 1.3350 which should be a strong barrier to any declines lower.
To the upside, the old support at 1.37 will act as resistance.
Trading the pair via Singapore binary options and targeting a move either above resistance or below support is one way to play the USDSGD pair.
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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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