Source: PaxForex Premium Analytics Portal, Fundamental Insight

Singapore Retail Sales for December decreased by 0.9% monthly and by 3.6% annualized. Forex traders can compare this to Singapore Retail Sales for November, which increased by 7.3% monthly and which decreased by 1.9% annualized.

The US NFP Report for January is predicted to show 50K job additions and an unemployment rate of 6.7%. Forex traders can compare this to the US NFP Report for December, which showed 95K job losses and an unemployment rate of 6.7%. Private Payrolls for January are predicted to show 50K job additions and Manufacturing Payrolls 30K job additions. Forex traders can compare this to Private Payrolls for December, which showed 140K job losses, and to Manufacturing Payrolls, which showed 38K job additions. The Average Work Week for January is predicted at 34.7 hours. Forex traders can compare this to the Average Work Week for December, reported at 34.7 hours. Average Hourly Earnings for January are predicted to increase by 0.3% monthly and by 5.1% annualized. Forex traders can compare this to Average Hourly Earnings for December, which increased by 0.8% monthly and by 5.1% annualized.

The US Trade Balance for December is predicted at -$65.7B. Forex traders can compare this to the US Trade Balance for November, reported at -$68.1B. US Consumer Credit for December is predicted at $12.00B. Forex traders can compare this to US Consumer Credit for November, reported at $15.27B.

The forecast for the USD/SGD turned bearish after price action moved into its descending Ichimoku Kinko Hyo Cloud. Mixed signals about the health of the US labor market could spark volatility after today’s NFP release. Despite the Kijun-sen and Tenkan-sen ascending, bearish pressure continues to expand. The CCI remains in extreme overbought territory and shows signs of weakening, suggesting a sell-off may unfold. Will bears awake and force the USD/SGD into its horizontal support area, which includes the 1.3000 support level? 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 1.3345 to 1.3400 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.3365
• Take Profit Zone: 1.2995 – 1.3070
• Stop Loss Level: 1.3455

Should price action for the USD/SGD breakout above 1.3400 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.3455
• Take Profit Zone: 1.3510 – 1.3545
• Stop Loss Level: 1.3400

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.