Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore CPI for November increased by 3.8% annualized. Economists predicted an increase of 3.4%. Forex traders can compare this to the Singapore CPI for October, which increased 3.2% annualized.
US Initial Jobless Claims for the week of December 18th are predicted at 205K, and US Continuing Claims for the week of December 11th are predicted at 1,820K. Forex traders can compare this to US Initial Jobless Claims for the week of December 11th, reported at 206K, and to US Continuing Claims for the week of December 4th, reported at 1,845K.
US Preliminary Durable Goods Orders for November are predicted to increase 1.6% monthly, and Durables Excluding Transportation are predicted to increase 0.6% monthly. Forex traders can compare this to US Durable Goods Orders for October, which decreased 0.4% monthly, and Durables Excluding Transportation, which increased 0.5% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for November are predicted to increase 0.6% 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 0.4% monthly, and Personal Spending is predicted to increase 0.6% monthly. Forex traders can compare this to Personal Income for October, which increased 0.5% monthly, and Personal Spending, which increased 1.3% monthly. The PCE Core Deflator for November is predicted to increase 0.4% monthly and 4.5% annualized. Forex traders can compare this to the PCE Core Deflator for October, which increased 0.4% monthly and 4.1% annualized.
US New Home Sales for November are predicted at 770K new homes. Forex traders can compare this to US New Home Sales for October, reported at 745K new homes. The final US Michigan Consumer Sentiment for December is predicted at 70.4. Forex traders can compare this to US Michigan Consumer Confidence for November, reported at 67.4. The Final Current Conditions for December are predicted at 74.6, and Final Expectations at 67.8. Forex traders can compare this to Current Conditions for November, reported at 73.6, and Expectations, reported at 63.5.
The forecast for the USD/SGD turned bearish after this currency pair recorded a series of lower highs. Traders should monitor a pending bearish crossover between the descending Tenkan-sen and the flat Kijun-sen. Adding to the bearish outlook is the Ichimoku Kinko Hyo Cloud, which has flatlined with the Senkou Span A showing signs of gradual contraction. After the CCI dropped into extreme oversold territory, traders should expect a false breakout and wait for a push above -100 before selling this currency pair. Will bears accelerate the sell-off 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 1.3575 to 1.3630 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3600
- Take Profit Zone: 1.3405 – 1.3440
- Stop Loss Level: 1.3675
Should price action for the USD/SGD breakout above 1.3630, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3675
- Take Profit Zone: 1.3730 – 1.3790
- Stop Loss Level: 1.3630
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