USD/SGD- Weekly Analysis for Singapore Binary Options
USDSGD has been stabilizing during the month of February in a range of 300 pips. The pair now looks ripe for a breakout in either direction. We have the best Singapore options brokers here. Pick the most suitable one for you and profit when this breakout materializes.
This week the major event is the US Non-Farm Payrolls report on Friday, A number in line with forecasts or better than forecasts should help the dollar and push USDSGD up. The downside risk is if the actual release is worse than forecasts by a huge margin. Then USDSGD will drop, probably below the February lows of 1.3950, which is a strong support zone.
Retail sales will be released from Singapore early Friday. With subdued inflation gripping the island country a strong retail sales report will be good news for the monetary authorities and could give a push to the Singaporean currency, probably driving USDSGD down.
Next week will be hugely important as well because the Federal Reserve is expected to raise interest rates by 25bp. This could push USDSGD above 1.4150 – 1.42 and potentially resume the uptrend that lasted for months in 2016.
The shaded blue area is a confluence Fibonacci zone that we described in our USDSGD analysis in January. So far, it seems that it has managed to hold the decline well, and now even a bullish reversal is possible.
Notably, if the most recent downward channel is broken to the upside indeed that will mean USDSHD will be headed to 1.4540. Minor resistance levels on the way up are 1.4250 and 1.43.
On the other hand, if the channel is not broken and the resistance trendline holds, then USDSGD will likely make another leg down. Support levels that can be used as targets are 1.39 and 1.38.
To take advantage of these potential opportunities use some of the best Singapore binary options brokers available.
USDSGD Daily chart – The downtrend is losing steam at support
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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