Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Export Prices for August increased 14.2% annualized, and Singapore Import Prices increased 12.8% annualized. Forex traders can compare this to Singapore Export Prices for July, which increased 12.9% annualized, and Singapore Import Prices, which increased 12.9% annualized. The Singapore PPI for August increased by 17.0% annualized. Forex traders can compare this to the Singapore PPI for July, which increased 17.1% annualized.
UK Mortgage Approvals for August are predicted at 73.00K. Forex traders can compare this to UK Mortgage Approvals for July, reported at 75.20K. UK Net Consumer Credit for August is predicted at £0.300B, and Net Mortgage Lending is predicted at £3.676B. Forex traders can compare this to UK Net Consumer Credit for July, reported at -£0.042B, and Net Mortgage Lending, reported at -£1.400B.
The forecast for the EUR/SGD remains bearish, driven lower by its descending Ichimoku Kinko Hyo Cloud and uncertainty over how the next German government will form following Sunday’s inconclusive elections. Price action stabilized, and the Kijun-sen and the Tenkan-sen turned sideways, but selling pressure remains. The CCI spiked into extreme overbought territory, limiting any short-term reversal. Traders should wait for a breakdown below 100 before selling this currency pair. Can bears extend the sell-off in the EUR/SGD and force price action into its next horizontal support area? 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 1.5775 to 1.5870 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5840
- Take Profit Zone: 1.5585 – 1.5645
- Stop Loss Level: 1.5900
Should price action for the EUR/SGD breakout above 1.5870, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5900
- Take Profit Zone: 1.6040 – 1.6080
- Stop Loss Level: 1.5870
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