Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for August was reported at $6.253B. Forex traders can compare this to the Singapore Balance for July, reported at $3.970B. Non-Oil Exports for August decreased 3.6% monthly and increased 2.7% annualized. Economists predicted an increase of 2.4% and 8.3%. Forex traders can compare this to Non-Oil Exports for July, which decreased 0.9% monthly and increased 12.7% annualized.
UK Retail Sales for August are predicted to increase 0.5% monthly and 2.7% annualized. Forex traders can compare this to UK Retail Sales for July, which decreased 2.5% monthly and increased 2.4% annualized. UK Core Retail Sales for August are predicted to increase 0.8% monthly 2.5% annualized. Forex traders can compare this to UK Core Retail Sales for July, which decreased 2.4% monthly and increased 1.8% annualized.
The forecast for the GBP/SGD remains bullish after price action recovered off its lows. This currency pair faces a struggle higher, but buying pressure rose after the Tenkan-sen stabilized and showed signs of an early uptrend. The Kijun-sen continues to descend together with the Ichimoku Kinko Hyo cloud. It suggests volatility ahead, but the Senkou Span A and the Senkou Span B turned sideways, confirming a decrease in bearish momentum. After the CCI accelerated out of extreme oversold territory, a move above 100 is likely to follow, giving price action more upside. Can bulls extend the advance in the GBP/SGD and pressure it into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the GBP/SGD remain inside the or breakout above the 1.8500 to 1.8585 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.8550
- Take Profit Zone: 1.8770 – 1.8825
- Stop Loss Level: 1.8470
Should price action for the GBP/SGD breakdown below 1.8500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.8470
- Take Profit Zone: 1.8370 – 1.8400
- Stop Loss Level: 1.8500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
