Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Bank Lending for June was reported at S$680.4 billion. Forex traders can compare this to Singapore Bank Lending for May, reported at S$685.3 billion. Singapore Business Confidence for the second quarter was reported at -7.00. Forex traders can compare this to Singapore Business Confidence for the first quarter, reported at -56.00.
US Initial Jobless Claims for the week of July 25th are predicted at 1,450K, and US Continuing Claims for the week of July 18th are predicted at 16,200K. Forex traders can compare this to US Initial Jobless Claims for the week of July 18th, which were reported at 1,416K, and to US Continuing Claims for the week of July 11th, which were reported at 16,197K.
The Advanced US GDP for the second quarter is predicted to decrease by 34.1% annualized. Forex traders can compare this to the first-quarter GDP, which decreased by 5.0% annualized. The GDP Price Index for the second quarter is predicted to increase by 1.1% annualized. Forex traders can compare this to the first-quarter GDP Price Index, which increased by 1.6% annualized. The Core PCE for the second quarter is predicted to increase by 1.0% annualized. Forex traders can compare this to the first-quarter Core PCE, which increased by 1.7% annualized.
The forecast for the USD/SGD remains bearish, as price action is driven lower by the descending Tenkan-sen and the Kijun-sen. Forex traders will pay close attention to today’s US GDP data and initial jobless claims. Last week saw an unexpected increase, and if the trend continues, the US Dollar could experience more selling pressures. The Senkou Span A from the Ichimoku Kinko Hyo Cloud is dragging it lower, adding ammunition to the arsenal of bears. Will price action accelerate to the downside heading into the weekend? 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 1.3715 to 1.3810 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3755
- Take Profit Zone: 1.3485 – 1.3560
- Stop Loss Level: 1.3850
Should price action for the USD/SGD breakout above 1.3810 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3850
- Take Profit Zone: 1.3980– 1.4025
- Stop Loss Level: 1.3810
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