Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for June was reported at $4.800B. Forex traders can compare this to the Singapore Balance for May, reported at $4.520B. Non-Oil Exports for June increased by 0.5% monthly and by 16.1% annualized. Forex traders can compare this to Non-Oil Exports for May, which decreased by 4.6% monthly and by 4.6% annualized.
US Housing Starts for June are predicted at 1,169K, and Building Permits at 1,290K permits. Forex traders can compare this to US Housing Starts for May, reported at 974K and to Building Permits, reported at 1,216K permits. Preliminary US Michigan Consumer Sentiment for July is predicted at 79.0. Forex traders can compare this to US Michigan Consumer Confidence for June, reported at 78.1. Preliminary Current Conditions for July are expected at 86.5, and Preliminary Expectations are predicted at 73.5. Forex traders can compare this to Current Conditions for June, reported at 87.1, and to Expectations, reported at 72.3.
The forecast for the USD/SGD remains bearish after yesterday’s US initial jobless claims data came in worse than expected. New daily Covid-19 infections have topped 70K and trending higher, as the public continues to ignore the advice of healthcare professionals. Singapore exports data surprised to the upside, and this currency pair is now under downside pressure from the Tenkan-sen. The descending Ichimoku Kinko Hyo Cloud is supporting bears to attack. Will the USD/SGD be forced into its next 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 1.3875 to 1.3935 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3900
- Take Profit Zone: 1.3680 – 1.3745
- Stop Loss Level: 1.3980
Should price action for the USD/SGD breakout above 1.3935 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3980
- Take Profit Zone: 1.4125 – 1.4200
- Stop Loss Level: 1.3935
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.