USDSGD Outlook – Binary Options
Contents
Introduction
The Top Singapore brokers are delighted at the level of development in the numbers of individuals who were vaccinated with the booster. The economic activities that were open to international investors will keep the economy growing with a boost to the foreign exchange.
Singapore Fundamentals
Singapore’s health Minister Ong Ye Kung announced the booster program of COVID-19 has started well as more senior citizens have responded to call and many have taken the third jab of the vaccines. Because of the recent increase in domestic infections, the booster extension has been announced even though many people have received the two doses of the vaccinees.
The report shows that the percentage rate of the first vaccination was encouraging and the new symptom of the virus among new patients are asymptomatic or mild symptoms. The authorities adopted a strategy called:” live with COVID”. The government avoided a significant tightening of restrictions on social activities and economic activities.
The Singapore authorities introduced a new traveling scheme to allow people who have received the 2 jabs to come into the county without quarantine as they began with Brunei and Germany.
US Fundamentals
Core Personal Consumption Expenditures Price Index m/m
The core CE price index differs from the core CPI because it measures the goods and services targeted at individual consumption. It focuses on the expenditure per item within a certain period. The Federal Reserve likes to follow the report because it gives them better information on inflation measures.
Changes in the price of goods and services that individual purchases excluding food and energy. If the report shows a lower forecast, it is not suitable for the currency but a higher data favors the US dollar. The forecast is 0.2% while the previous was 0.3%.
USDSGD Long term Price Analysis
Monthly Outlook: Down Swing Slowing within Significant Support Area
Monthly Resistance 1.36869, 1.36635, 1.38040
Monthly Supports 1.33775, 1.31870, 1.31365
Since the start of the year 2021, we have seen the accumulation of contracts on the USDSGD pair at the support zones of 1.31870 and 1.31465. the recent Bulls run on the monthly chart may push the price of the pair higher towards the resistance levels of 1.36635. A close above the level will expose the 1.38040 resistance zones.
The Bears once dominated the market at the 1.36869 zones and we may see the price struggles around the zone. If the bears can take over the market, we shall see a price drop off, but if the bull’s momentum is strong, we shall see a price breakout above the levels.
Weekly
Weekly Resistance Levels: 1.36930, 1.35587, 1.38039
Weekly Support Levels: 1.33780, 1.31870
As of Sept 6, 2021, the Bulls could find their support from the low of 1.33780 and pushed the price up towards the order blocks of the sellers. In this new week, we can see that the price is struggling to pass through the sellers’ zones.
A breakout above the previous week’s high will take the price higher towards the next resistance of 1.38039.
Daily Outlook: Bearish
Daily Resistance Levels: 1.36585, 1.36935
Daily Support Levels: 1.33781, 1.34710.
The bearish swing had little momentum to push the USDSGD pair below the support level of 1.33781. The Bulls can overturn the level in their favor as they reverse the market into a bullish run from the zone.
A breakout above the resistance of 1.3550 will expose the high of 1.36584 for the bulls to run the trading week. We shall wait to see if they can. However, if they cannot break out above, the bears may push the price down from the zone.
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 downtrend if they can reject the bull’s move at the resistance zone of 1.35536 and can close below the 1.33930 for them to dominate the market.
Conclusion
During the week, the Federal Reserve chairperson will be speaking and he might highlight the FOMC plans on price and when to crimp the bond purchases before lifting the interest rates from the near-zero level since the COVID-19 pandemic disturbed the financial market.
The USDSGD pair is likely to keep the uptrend active as we see the daily chart showing more buying pressure for the week as the price approaches the psychological zone of 1.36584.
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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