USDSGD Weekly outlook for Singapore Dollar – May 15 2020

USDSGD Technical Analysis for Singapore Brokers

Introduction

How soon can coronaviruses pandemic come to an end? The inability of businesses to function is weakling the system because firms can’t pay salaries without any job functions. This, however, does not affect traders on IQ Option platform as they speculate on the forex market.

Let us look at the chart for further discussion.

Singapore Fundamentals

The effect of the coronaviruses pandemic has not slowed down in Singapore’s economy, although the government supports the package. 

This pandemic has made various organizations struggle to generate adequate revenue, they have to manage costs, and it will affect the workforce. The spending power and purchasing behaviour have changed for every individual due to the effect of COVID-19.

 U.S. Fundamentals 

This Unemployment claims for the US government is important data for measuring numbers of individuals filing for unemployment insurance for the first time. This data is very important to that of consumer spending and Labour market conditions. Investors and traders pay attention to this data because it is an important signal of the health of the economy.

The previous data was 3169K, and we know that the pandemic is not yet over because businesses and other services or production sectors are yet to find their feet. If the Actual data is less than the Forecast, that is good for the economy, but if the data is higher, it is bad for the economy.

Technical Analysis USDSGD

USDSGD Long-term Overview: Bullish Slowing

Monthly Chart

USDSGD Forecast - Monthly Chart - May 15 2020

Monthly Resistance Levels: 1.46470, 1.41790, 1.32854, 1.39422

Monthly Support Levels: 1.34450, 1.36584

The bullish run started with a bullish divergence on the 03 February 2020. After the bulls rallied the USDSGD price up for some months from the support zone of 1.34450 and 1.36584, the price was rejected at the resistance level of 1.46470 on 02 March 2020.

A breach close inside bar is a sign of weakness in the uptrend at (1.41098); therefore, Singapore brokers are watching the divergence on the stochastic for a confirmation to place an order.

Weekly Chart

USDSGD Forecast - Weekly Chart - May 15 2020

Weekly Resistance Levels: 1.34876, 1.39422, 1.46470

Weekly Support Levels: 1.38616, 1.42083, 1.37587, 1.34450

The weekly time frame shows that the USGSGD is in a downtrend for some time now, and it’s good for the foreign exchange in the economy. As price approaches a support zone, Singapore brokers are watching the reaction of the price at the support level of 1.39249 and 1.38616.

However, if the bears fail to go below the support, we may get a bounce from the zone to the upside.

USDSGD Medium-term Overview: Bullish Correction

Daily TF

Daily Resistance Zones: 1.40877, 1.46470

Daily Support Zones: 1.34450, 1.37587, 1.42494, 1.35682, 1.39781

The price has been respecting a previous resistance zone that turned to support on 20 February 2020 (1.40877) after multiple tests. Should the price of the USDSGD breakout of the Chuvashov’s fork to the upside, we shall see the next resistance exposed.

If the current support is bridged and price loses below the zone, the sell trend will continue to the next support level of (1.37587).

H4 Chart

4Hour Resistance Levels: 1.4647, 1.44844, 1.44193, 1.45138, 1.42965

4Hour Support Levels: 1.42586, 1.43558, 1.44691, 1.42083, 1.4565

A regular bearish divergence on the 06 May 2020 confirms the current trend in the market both on the indicator (1.41995) and H4 chart (1.42336).

The support level of 30 April 2020 (1.40698) is what is holding the price of USDSGD from falling. If the zone is strong enough, we can see a bounce to the upside again.

Bullish Scenario:

A general bullish scenario is the original trend of the market. The market is in its corrective state now. Should the psychological level be taken out, we may experience a trend reversal based on the higher time frames.

Bearish Scenario:

A bearish scenario is currently at play because of the weakness in USD. If the bears are strong, they can turn this correction phrase into a reversal pattern for a complete downtrend on the daily time frame.

Conclusion 

The coronaviruses pandemic did make the levels of unemployment increase and also affects the standard of living in a various economy of the globe. The spending power of government, individuals, are concerned because jobs are lost, reduction in salaries, other sectors are grounded. 

Singapore brokers are also considering the state of foreign exchange among currency pairs for a haven for investment.   Singapore brokers are also considering the state of foreign exchange among currency pairs for a safe haven for investment.   

 

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