Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for May was reported at $5.754B. Forex traders can compare this to the Singapore Balance for April, reported at $5.412B. Non-Oil Exports for May decreased 0.1% monthly and increased 8.8% annualized. Economists predicted an increase of 4.7% and 16.0%. Forex traders can compare this to Non-Oil Exports for April, which decreased 8.8% monthly and increased 6.0% annualized.
US Initial Jobless Claims for the week of June 12th are predicted at 359K, and US Continuing Claims for the week of June 5th are predicted at 3,430K. Forex traders can compare this to US Initial Jobless Claims for the week of June 5th, reported at 376K, and to US Continuing Claims for the week of May 29th, reported at 3,499K.
The Philadelphia Fed Manufacturing Index for June is predicted at 31.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for May, reported at 31.5. The US Leading Index for May is predicted to increase 1.3% monthly. Forex traders can compare this to the US Leading Index for April, which increased 1.6% monthly.
The forecast for the USD/SGD turned bearish following its price spike after the US Federal Reserve announced it moved its timetable for interest rate hikes forward. Despite the brief counter-trend move, the trend remains bearish with the Ichimoku Kinko Hyo Cloud descending. The Tenkan-sen moved above the flat Kijun-sen and expected to reverse course shortly. After the CCI surged deep into extreme overbought territory, traders should expect a pullback. Can bears use the present technical scenario to pressure 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 1.3310 to 1.3370 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3350
- Take Profit Zone: 1.2995 – 1.3040
- Stop Loss Level: 1.3430
Should price action for the USD/SGD breakout above 1.3370, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3430
- Take Profit Zone: 1.3515 – 1.3545
- Stop Loss Level: 1.3370
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