Source: PaxForex Premium Analytics Portal, Fundamental Insight
The final Singapore GDP for the second quarter decreased 7.2% quarterly and increased 14.7% annualized. Economists predicted a decrease of 2.0% and an increase of 14.2%. Forex traders can compare this to the previous Singapore GDP for the second quarter, which decreased 7.7% quarterly and increased 14.3% annualized. The Singapore Current Account for the second quarter was reported at S$25.64B. Forex traders can compare this to the Singapore Current Account for the first quarter, reported at S$24.42B.
The US CPI for July is predicted to increase 0.5% monthly and 5.3% annualized. Forex traders can compare this to the US CPI for June, which increased 0.9% monthly and 5.4% annualized. The US Core CPI for July is predicted to increase 0.4% monthly and 4.3% annualized. Forex traders can compare this to the US Core CPI for June, which increased 0.9% monthly and 4.5% annualized. The US Monthly Budget Statement for July is predicted at -$307.0B. Forex traders can compare this to the US Monthly Budget Statement for June, reported at -$174.0B.
The forecast turned bearish for the USD/SGD turned bearish as the advance is closing in on its end phase. While the Kijun-sen continues to advance, the Tenkan-sen shows early signs of flattening. The Ichimoku Kinko Hyo Cloud adopted a bearish bias after the Senkou Span A started to descend. Traders should prepare for a potential price spike before a sell-off as the CCI approaches extreme overbought territory. Will bears gather enough momentum to 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 1.3560 to 1.3610 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3580
- Take Profit Zone: 1.3275 – 1.3330
- Stop Loss Level: 1.3640
Should price action for the USD/SGD breakout above 1.3610, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3640
- Take Profit Zone: 1.3730 – 1.3770
- Stop Loss Level: 1.3610
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