Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore CPI for November increased by 1.0% monthly and 6.7% annualized. Forex traders can compare this to the Singapore CPI for October, which decreased 0.4% monthly and which surged 6.7% annualized. The Singapore Core CPI for November expanded by 5.1% annualized. Economists predicted an increase of 5.0%. Forex traders can compare this to the Singapore Core CPI for October, which increased by 5.1% annualized.
Singapore Industrial Production for November contracted by 1.2% monthly and 3.2% annualized. Economists predicted a contraction of 1.2% and 1.1%. Forex traders can compare this to Singapore Industrial Production for October, which rose by 0.6% monthly and decreased by 0.9% annualized.
US Preliminary Durable Goods Orders for November are predicted to contract by 0.6% monthly, and Durables Excluding Transportation to edge up 0.1% monthly. Forex traders can compare this to US Durable Goods Orders for October, which rose 1.1% monthly, and Durables Excluding Transportation, which increased by 0.5% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for November are predicted at 0.0% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for October, which increased 0.7% monthly.
US Personal Income for November is predicted to increase by 0.3% monthly and Personal Spending by 0.2% monthly. Forex traders can compare this to Personal Income for October, which rose 0.7% monthly, and to Personal Spending, which increased 0.8% monthly. The PCE Core Deflator for November is predicted to rise 0.2% monthly and 4.7% annualized. Forex traders can compare this to the PCE Core Deflator for October, which increased 0.2% monthly and 5.0% annualized.
US New Home Sales for November are predicted to plunge by 4.7% monthly to 600K new homes. Forex traders can compare this to US New Home Sales for October, which surged by 7.5% monthly to 632K new homes.
The final US Michigan Consumer Sentiment for December is predicted at 59.1. Forex traders can compare this to US Michigan Consumer Confidence for November, reported at 56.8. Final Current Conditions for December are predicted at 60.2, and Final Expectations at 58.4. Forex traders can compare this to Current Conditions for November, reported at 58.8, and Expectations, reported at 55.6.
The forecast for the USD/SGD remains bearish as the descending Ichimoku Kinko Hyo Cloud maintains long-term downside pressure. Volatility could increase after the Kijun-sen, and the Tenkan-sen flatlined, and bulls wrestle with bears for control over price action. Traders should monitor the CCI after it has recorded a lower low from where it completed a breakout. This technical indicator remains below zero, and a move into extreme oversold territory with plenty of downside potential from current levels can drag price action lower. Can bears overpower bulls and force the USD/SGD into its horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the USD/SGD remain inside the or breakdown below the 1.3425 to 1.3580 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3505
- Take Profit Zone: 1.3000 – 1.3150
- Stop Loss Level: 1.3660
Should price action for the USD/SGD breakout above 1.3580, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3360
- Take Profit Zone: 1.3715 – 1.3845
- Stop Loss Level: 1.3580
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