Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for May came in at $5.491B. Economists predicted a reading of $5.982B. Forex traders can compare this to the Singapore Balance for April, reported at $4.762B. Non-Oil Exports for May plunged by 14.6% monthly and 14.7% annualized. Economists predicted a drop of 0.8% and 9.1%. Forex traders can compare this to Non-Oil Exports for April, which rose by 2.6% monthly and contracted by 9.8% annualized.
The Final Italian CPI for May is predicted to rise by 0.3% monthly and 7.6% annualized. Forex traders can compare this to the Italian CPI for April, which increased by 0.4% monthly and 8.2% annualized. The Final Italian Harmonized CPI for May is predicted to accelerate by 0.3% monthly and 8.1% annualized. Forex traders can compare this to the Italian Harmonized CPI for April, which rose by 0.9% monthly and surged 8.7% annualized.
The Final Eurozone CPI for May is predicted flat at 0.0% monthly and to rise by 6.1% annualized. Forex traders can compare this to the Eurozone CPI for April, which increased by 0.6% monthly and 7.0% annualized. The Final Eurozone Core CPI for May is predicted to rise 0.2% monthly and 5.3% annualized. Forex traders can compare this to the Eurozone Core CPI for April, which accelerated by 1.0% monthly and 5.6% annualized. The Final Eurozone Harmonized Core CPI for May is predicted to rise 0.3% monthly and 6.9% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for April, which expanded 0.9% monthly and 7.3% annualized. The Final Eurozone CPI excluding Tobacco for May is predicted to increase by 0.1% monthly and 6.7% annualized. Forex traders can compare this to the Eurozone CPI excluding Tobacco for April, which expanded by 0.6% monthly and 7.0% annualized.
Eurozone Wages for the first quarter are predicted to increase by 3.3% annualized and Eurozone Labor Costs by 3.3% annualized. Forex traders can compare this to Eurozone Wages for the fourth quarter, which rose by 5.1% annualized, and Eurozone Labor Costs by 5.7% annualized.
The forecast for the EUR/SGD turned bearish in the short-term after this currency pair surged to the top of its descending Ichimoku Kinko Hyo Cloud, but the long-term trend favors more upside. The Tenkan-sen and the Kijun-sen merged in a sideways trend, suggesting a potential volatility spike. Traders should also monitor the CCI in extreme overbought territory at unsustainable levels. A breakdown in this technical indicator could spark a profit-taking sell-off. Can bears overpower bulls and force the EUR/SGD into a short-term correction? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/SGD remain inside the or breakdown below the 1.4580 to 1.4645 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Long Position @ 1.4615
- Take Profit Zone: 1.4395 – 1.4460
- Stop Loss Level: 1.4675
Should price action for the EUR/SGD breakout above 1.4645, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Short Position @ 1.4675
- Take Profit Zone: 1.4730 – 1.4780
- Stop Loss Level: 1.4645
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
