USDSGD Outlook – Binary Options
Since the resumption of the trade from the holiday, the trading brokers such as OlympTrade have seen the (STI) Singapore FTSE Times Index increase to about 2.3% as investors and other market participants are expecting the central banks in Euro and other countries to signal their decisions on interest rates.
The Ministry of Health in Singapore made a call to the general public to help in conserving the medical resources due to the increase of the COVID-19 cases recorded. He said the recent waves of infection may take a while before the cases subside.
Most COVID-19 cases were detected through the rapid test carried out among the locals.
The Authorities plans to ease the traveling and social restriction once the current wave of Omicron infections is not as threatening as COVID-19 (Coronavirus)
The jobless claim is important data for those steering the monetary policy of the country, although some market analyst sees it as a lagging indicator. The initial claim is measured by the number of individuals filing for unemployment insurance in a week for the first time.
The report is usually released every Thursday of a new week and it is a signal for the economic condition of a nation.
The Forecast is 233K while previous data was 248K.
USDSGD Long term Price Analysis
Monthly Outlook: Down Swing Slowing within Significant Support Area
Monthly Resistance 1.37450, 1.36150.
Monthly Supports 1.33800, 1.31894.
The USDSGD pair has been ranging between the support level of 1.33800 and the resistance zone of 1.37450 for the past 6 months as the price of the pair has lost its momentum on the monthly chart. A close below the support zone of 1.33800 will likely indicate that the bearish flag has broken out of the correction state and the bearish trend will continue.
The monthly chart, if the Bulls can hold the zone, we may the price of USDSGD go up from the 1.33800 level. A close above the resistance zone of 1.37450 will give the long position traders advantage over the short position Singapore brokers.
Weekly Resistance Levels: 1.37490, 1.36177, 1.40170, 1.35000.
Weekly Support Levels: 1.33800, 1.32106, 1.34100
The Singapore brokers have seen the trading activities closing on a Doji candlestick pattern for the past two weeks. The price of the USDSGD pair has been seen the rejection of price around the support zone of 1.34100 in the past 6 weeks. The zone is a psychological area for the Singapore brokers because a close below will strengthen the Singapore dollar over the US dollar.
A trend line connecting the resistance zones on the weekly chart shows that the price is hitting a resistance zone in the market. If the price of the instrument can break out above the line a bullish trend is likely to take over on the market. The USDSGD pair will favor long position traders as the price closes above the 1.35000 zones.
Daily Outlook: Bearish
Daily Resistance Levels: 1.37106, 1.36149, 1.35812,
Daily Support Levels: 1.36065, 1.34787, 1.34252, 1.34508
The Singapore brokers can see a descending chart pattern on the USDSGD pair as the support zone has held for some days. At the writing of the report, we can see that the price tested the trendline connecting the resistances on the daily time frame before it was rejected.
Therefore, the breakout can be to either side as the trading activities continue. A closed above the trend line will mean a bullish run for the week, but if the price should close below the support zones will mean a bearish run.
We expect a bullish momentum if the price can close above the trendline connecting the highs from the 1.37106 resistance zones. If a breakout happens with a retest, the bullish run will dominate the market.
The Singapore brokers will desire a breakout in favor of the bears. A bearish scenario can still take place on the daily chart when the price can breakout below the support zones that have held for days. The breaker needs to engulf the zone for the market structure to favor the short-position traders who were to go for the downtrend.
Report about the Fed raising the interest rate will have some effects on the emerging economy when it begins, however, the pace of tightening has not been clarified. The report from the local authority shows that the number of COVID-19 cases increased by 3 folds which have influenced the USDSGD to stay flat.
The market is ranging as the trading week starts, therefore we expect the strong fundamentals to move the market in its actual direction when there is certainty in the financial market.
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