Source: PaxForex Premium Analytics Portal, Fundamental Insight
The preliminary Singapore GDP for the first quarter dropped by 0.7% quarterly and rose by 0.1% annualized. Economists predicted a contraction of 0.2% and a rise of 0.6% annualized. Forex traders can compare this to the Singapore GDP for the fourth quarter, which increased by 0.1% quarterly and 2.1% annualized.
US Retail Sales for March are predicted to decrease by 0.4% monthly and Core Retail Sales by 0.3% monthly. Forex traders can compare this to US Retail Sales for February, which contracted by 0.4% monthly, and Core Retail Sales by 0.1% monthly. Retail Sales in the Control Group for March are predicted to drop by 0.3% monthly. Forex traders can compare this to Retail Sales in the Control Group for February, which increased by 0.5% monthly.
The US Import Price Index for March is predicted to drop by 0.1% monthly, and the US Export Price Index by 0.1% monthly. Forex traders can compare this to the US Import Price Index for February, which contracted by 0.1% monthly, and to the US Export Price Index, which increased by 0.2% monthly.
US Industrial Production for March is predicted to increase by 0.2% monthly, and Manufacturing Production to decrease by 0.1% monthly. Forex traders can compare this to US Industrial Production for February, which rose 0.3% monthly, and Manufacturing Production, which increased 0.1% monthly. Capacity Utilization for March is predicted at 79.0%. Forex traders can compare this to Capacity Utilization for February, reported at 79.1%.
US Business Inventories for February are predicted to increase by 0.3% monthly, and Retail Inventories, excluding Autos, by 0.4%. Forex traders can compare this to US Business Inventories for January, which decreased by 0.1% monthly, and Retail Inventories excluding Autos, which rose by 0.1%.
Preliminary US Michigan Consumer Sentiment for April is predicted at 62.0. Forex traders can compare this to US Michigan Consumer Confidence for March, reported at 62.0. Preliminary Current Conditions for April are expected at 67.3, and Preliminary Expectations at 60.0. Forex traders can compare this to Current Conditions for March, reported at 66.3, and Expectations, reported at 59.2.
The forecast for the USD/SGD turned bullish after price action stabilized below its narrowing Ichimoku Kinko Hyo Cloud. Short-term volatility could rise with the Kijun-sen flat and the Tenkan-sen drifting lower, but fundamental bullishness could overpower it. Traders should also monitor the CCI in extreme oversold territory after recording a higher low. A breakout will deliver the final buy signal, as price action has plenty of upside potential. Can bulls regain control over the USD/SGD and push this currency pair into its horizontal resistance area and a fresh 2023 high? 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 breakout above the 1.3175 to 1.3270 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3230
- Take Profit Zone: 1.3500 – 1.3560
- Stop Loss Level: 1.3150
Should price action for the USD/SGD breakdown below 1.3175, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3150
- Take Profit Zone: 1.3045 – 1.3100
- Stop Loss Level: 1.3175
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