Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore CPI for June decreased by 0.2% monthly and increased by 2.4% annualized. Economists predicted a contraction of 0.2% and an expansion of 2.7%. Forex traders can compare this to the Singapore CPI for May, which rose 0.7% monthly and 3.1% annualized. The Singapore Core CPI for June increased by 2.9% annualized. Economists predicted an increase of 3.0%. Forex traders can compare this to the Singapore Core CPI for May, which rose 3.1% annualized.
US Existing Home Sales for June are predicted at 3.99M. Forex traders can compare this to US Existing Home Sales for May, reported at 4.11M.
The US Richmond Fed Manufacturing Index for July is predicted at -7. Forex traders can compare this to the US Richmond Fed Manufacturing Index for June, reported at -10.
The forecast for the USD/SGD remains bullish after this currency pair completed a breakout above its horizontal support area. Short-term volatility could increase with price action trading above its descending Tenkan-sen and below its flat Kijun-sen. The Senkou Span A and the Senkou Span B of the narrow Ichimoku Kinko Hyo Cloud are moving lower but are vulnerable to a price spike that could result in a bullish crossover. Traders should also monitor the CCI after recording a higher low in extreme oversold territory followed by a breakout. This technical indicator has plenty of upside momentum to push above zero, which could spark the next leg higher. Can bulls maintain control over the USD/SGD and push price action into its horizontal resistance 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 breakout above the 1.3440 to 1.3465 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3450
- Take Profit Zone: 1.3545 – 1.3575
- Stop Loss Level: 1.3425
Should price action for the USD/SGD break down below 1.3440, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3425
- Take Profit Zone: 1.3350 – 1.3390
- Stop Loss Level: 1.3440
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
