Source: PaxForex Premium Analytics Portal, Fundamental Insight

Singapore's Industrial Production for March plunged by 16.0% monthly and 9.0% annualized. Economists predicted a contraction of 8.8% and 1.5%. Forex traders can compare this to Singapore's Industrial Production for February, which surged by 14.6% monthly and rose by 4.4% annualized.

US Personal Income for March is predicted to increase by 0.5% monthly, and Personal Spending by 0.6% monthly. Forex traders can compare this to Personal Income for February, which rose by 0.3% monthly, and Personal Spending by 0.8% monthly. The PCE Deflator for March is predicted to increase by 0.3% monthly and 2.6% annualized. Forex traders can compare this to the PCE Deflator for February, which rose by 0.3% monthly and 2.5% annualized. The PCE Core Deflator for March is predicted to expand by 0.3% monthly and 2.6% annualized. Forex traders can compare this to the PCE Core Deflator for February, which increased by 0.3% monthly and 2.8% annualized.

The final US Michigan Consumer Sentiment for April is predicted at 77.8. Forex traders can compare this to US Michigan Consumer Confidence for March, reported at 79.4. Final Current Conditions for April are predicted at 79.3, and Final Expectations are predicted at 77.0. Forex traders can compare this to Current Conditions for March, reported at 82.5, and Expectations, reported at 77.4. Final US Michigan Inflation Expectations for April are predicted at 3.1%, and Final US Michigan 5-Year Inflation Expectations at 3.0%. Forex traders can compare this to Final US Michigan Inflation Expectations for March, reported at 2.9%, and Final US Michigan 5-Year Inflation Expectations at 2.8%. A worse-than-expected reading could send the US Dollar into a sell-off to finish the trading week.

The forecast for the USD/SGD has turned cautiously bearish after this currency pair was rejected by its horizontal resistance area. Short-term volatility may increase with this currency pair trading above its ascending Kijun-sen but below its flat Tenkan-sen. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud continue to move higher, adding to the mix of bullish and bearish signals, suggesting a stand-off between both camps, as they struggle for control. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator has plenty of downside momentum to break down below zero with plenty of downside potential. Can bears regain complete control over the USD/SGD and force price action into its horizontal support area?

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Should price action for the USD/SGD remain inside the or breakdown below the 1.3585 to 1.3620 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.3600
• Take Profit Zone: 1.3425– 1.3475
• Stop Loss Level: 1.3655

Should price action for the USD/SGD breakout above 1.3620, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.3655
• Take Profit Zone: 1.3720 – 1.3755
• Stop Loss Level: 1.3620

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