Source: PaxForex Premium Analytics Portal, Fundamental Insight

Singapore's Industrial Production for February surged by 14.3% monthly and rose by 3.8% annualized. Economists predicted a rise of 3.1% and 0.5%. Forex traders can compare this to Singapore's Industrial Production for January, which plunged by 6.7% monthly and increased by 0.6% annualized.

US Preliminary Durable Goods Orders for February are predicted to increase by 1.2% monthly, and Durables Excluding Transportation to expand by 0.4% monthly. Forex traders can compare this to US Durable Goods Orders for January, which plunged by 6.1% monthly, and Durables Excluding Transportation, which decreased by 0.3% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for February are predicted to expand by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for January, which rose by 0.1% monthly.

The US House Price Index for January is predicted to increase by 0.2% monthly. Forex traders can compare this to the US House Price Index for December, which rose by 0.1% monthly.

The US S&P/Case-Shiller Composite 20 for January is predicted to surge by 6.60% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for December, which accelerated by 6.10% annualized.

US Consumer Confidence for March is predicted at 106.9. Forex traders can compare this to US Consumer Confidence for February, reported at 106.7.

The US Richmond Fed Manufacturing Index for March is predicted at -5. Forex traders can compare this to the US Richmond Fed Manufacturing Index for February, reported at -5. Traders should also carefully examine sub-components like shipments and services.

Two other regional reports, the US Dallas Fed Manufacturing Activity Index and the Texas Services Sector Outlook for March, could also move the US Dollar in an otherwise quiet day from an economic calendar perspective during a holiday-shortened trading week.

The forecast for the USD/SGD turned cautiously bearish in the short term after this currency pair moved into its horizontal resistance area. Following a bullish crossover, the Tenkan-sen and the Kijun-sen have flatlined. The Ichimoku Kinko Hyo Cloud adds to volatility, which completed a bearish crossover, applying longer-term downside pressure. Traders should also monitor the CCI after recording a lower high in extreme overbought territory followed by a breakdown. This technical indicator has plenty of downside potential, and a move below zero could accelerate the pending sell-off. Can bears regain control over the USD/SGD and force price action 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 1.3415 to 1.3455 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.3435
• Take Profit Zone: 1.3270 – 1.3310
• Stop Loss Level: 1.3485

Should price action for the USD/SGD breakout above 1.3455, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.3485
• Take Profit Zone: 1.3525 – 1.3555
• Stop Loss Level: 1.3455

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