USDSGD Technical Analysis for Singapore brokers
Most brokers in Singapore have seen a growth in terms of the GDP outcome and good exchange rate after the Singapore dollar made a 0.2% climb off the decision relating to the monetary policy.
This week, we’ll expose some of the technical chart levels, patterns, and news driving the price of the USDSGD as we see an increase in demand for the Singdollar.
In Singapore, the output for March manufacturing data increased by 7.6% from last year data, however, it fell by 1.7% against the prior month which led it to miss about 2.2% growth.
The Monetary Authority of Singapore left its policy settings unchanged as Singapore brokers anticipated it will be left untouched and it made the foreign exchange to climb up by 0.2%. There was also a growth in the GDP data which surprised market participants on the year-on-year growth in the first quarter.
Unemployment rate is a signal for the health of the economy because of the correlation it has with the consumer spending and labor market. The percentage outcome of the workforce influences the country’s monetary policy within the country.
Data releases show the numbers of individuals actively seeking for work for the first time in that month they captured the data.
If the Actual result of individuals is less than the forecast, it is good for the economy while a higher outcome is not good for the currency.
The previous data was 6.0% while the forecast is 5.8%.
USDSGD Technical Analysis
Long term Price Analysis
Monthly Outlook: Bearish Slowing within Significant Support Zone
Monthly Resistance Levels 1.45372, 1.40994
Monthly Support Levels 1.31644, 1.30088
The Singapore foreign exchange has enjoyed many gains against the U.S dollar since inception of the COVID-19 crisis in the world. The bearish trend is approaching a support zone of January 2018 (1.30088) which led to a bullish run from the zone. If the Bears can break through the support levels, we are likely to see another Bearish swing to a new low.
However, if the US dollar should recover from effects of the COVID-19 pandemic and the monetary policies favor the currency, we shall see a bullish surge from the zones, and the uptrend may target the 1.40994 resistance levels.
Weekly Resistance Levels: 1.46463, 1.42722, 1.35328
Weekly Support Levels: 1.3300, 1.31578
The USDSGD pair has been on a downtrend since the COVID-19 pandemic changes the way businesses are operating because of the rate of infections among humans and how it affected other sectors globally. A close below the 1.31578 is a continuation of the bearish trend.
We see a bullish divergence setup on the indicator and a close above the 1.35328 will show a bullish trend on the weekly chart. A close above the bearish trend lines will attract more retail traders, investors, and other Singapore brokers for a long position order to aim the resistance high of 1.46463.
Daily Outlook: Bearish
Daily Resistance Levels: 1.35310, 1.34373
Daily Support Levels: 1.31649, 1.32341
After days of a bearish run, we can see the price has found a support around the 1.32341 levels for a correction of the trend. This week we expect the bullish rally to continue to the high of 1.34373 to test the region for a breakout or rejection of price.
If the price cannot break above the zone, we are going to see the pair push back towards the support of April 29, 2021.
This week we expect the bulls to continue in their momentum as the bulls ended the previous week with a bullish engulfing candlestick, showing Bulls in the market.
The net zone where we are likely to see the Bears dominate the market is at the resistance levels of 1.35310 and 1.34373 for another bearish swing during the week.
We expect to see the bulls dominate the early part of the week as we can see the big bullish momentum candle that engulfed some candles at the close of last week trading activity.
The FED also maintained an accommodating monetary policy to enable emerging countries to find their way out of the COVID-19 crisis through their own policy easing process.
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