USDSGD Outlook – Binary Options
Contents
Introduction
The top Singapore brokers are optimistic that the economy will recover and improve as the government intensifies on the safety of the citizens and economy at large.
Governments are building their network on FTAs, which is their major selling point, so that they can attract more investors to do business with them.
Singapore Fundamentals
Singapore free trade agreement includes CECA among its agreements. According to Mr. Ong, he says that the country cannot survive on its own because it is too small. It needs to tap into the global markets for it to survive. The country does not have its own natural resources but surveys through its geographical location.
Singapore home port has created about 160000 jobs in the maritime industry, also through PSA one of the largest container shipment ports in the world, and an aviation node supporting about 190000 jobs before the COVID-19 pandemic.
US Fundamentals
Core PPP m/m
The Bureau of Labor Statistics handles the data release on the core producer price index that is release after 13 days after the month ends. By excluding the energy and food factors, it measures the price of finished goods and services by the producers.
USDSGD Technical Analysis
The previous data was 1.0% while the forecast was 0.5%.
Monthly Outlook: Down Swing Slowing within Significant Support Area
Monthly Resistance 1.34683, 1.36527, 1.36968
Monthly Supports 1.33875, 1.31956
Could this be a retest of the zone that the Bulls broke out from? The retracement of price towards the 1.33875 zones may be a signal that we should expect a long position trade in the near future because we can see that the price formed a double bottom on the monthly chart and we expect an uptrend on the time frame. If the price can respect the zone and bounce off, we shall see price hit the high of 1.36527.
However, if the level fails to hold, and the price falls lower, the double bottom is no longer significant and we may see price take out the 1.31956 level for the bearish run to continue on the monthly chart.
Weekly
Weekly Resistance Levels: 1.36970, 1.36195
Weekly Support Levels: 1.34743, 131914, 1.33872, 1.33925
The Sellers were able to break out below a significant zone on the weekly chart, having seen the market close below the 1.34743 levels to push lower. If the bearish rally is sustainable during the week, we may see the price drop to the 131914 levels this week.
The 1.33925 is a support zone for the buyers, as they are resisting the selling pressure from that area. If they are stronger in momentum, we may see the USDSGD pair bounce from the zone towards the 1.36195 zones, but it has to overturn the previous support level that will act as a resistance to the price.
Singapore brokers shall monitor the trend in the daily time frame for a better view of the market in this new week.
Daily Outlook: Bearish
Daily Resistance Levels: 1.36510, 1.36937, 1.3536
Daily Support Levels: 1.32141, 1.33899, 1.34727, 1.31870.
The bulls rally that hit the resistance level of 1.36630 failed to close above the zone previously and it led to a down trend some days back. However, the price was stopped by a support zone which has a stronger level on the higher time frame may help to push the price up. If the price closes lower than the zone, we may see the price hit the 1.31870 levels.
The Bulls can overturn the zone if they can breakout above the 1.35536 and 1.36869 levels to push the USDSGD pair up if we get to see all news favors the US dollar as the COVID19 delta variant is on the rise in the country.
Bullish Scenario:
The new week is likely going to attract Singapore brokers, as buying pressure will probably resume at the support level of the daily chart as the bears cannot close below the 1.33930 levels.
Bearish Scenario:
The sellers will hope to continue the down trend if they can reject the bulls move at the resistance zone of 1.35536 and are able to close below the 1.33930 for them to dominate the market.
Conclusion
The USDSGD pair is about to breakout of the range and it could be to the upside or downside of the chart.
The WHO are doing all they can to ensure safe and effective vaccines are manufactured, developed by various partners for an effective vaccine of COVID-19. They encourage the public to continue to wear mas, wash our hands and avoid crowds.
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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