Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for April was reported at $5.685B. Forex traders can compare this to the Singapore Balance for March, reported at $5.610B. Non-Oil Exports for April decreased by 8.8% monthly and increased by 6.0% annualized. Forex traders can compare this to Non-Oil Exports for March, which increased by 1.1% monthly and 11.9% annualized.
The US Empire Manufacturing Index for May is predicted at 23.9. Forex traders can compare this to the US Empire Manufacturing Index for April, reported at 26.3. The US NAHB Housing Market Index for May is predicted at 83. Forex traders can compare this to the US NAHB Housing Market Index for April, reported at 83.
The forecast for the USD/SGD turned bearish again after this currency pair advanced into its Ichimoku Kinko Hyo Cloud. Economic and inflation data out of the US suggest overall worse conditions than central bankers and economists forecasted. Volatility is likely to increase as the Tenkan-sen and the Kijun-sen sidelined below the descending Ichimoku Kinko Hyo Cloud. The CCI moved out of extreme overbought territory, confirming a weakening bullish trend, and has more room to the downside. Can bears force 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 1.3300 to 1.3365 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3335
- Take Profit Zone: 1.2995– 1.3040
- Stop Loss Level: 1.3390
Should price action for the USD/SGD breakout above 1.3365, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3390
- Take Profit Zone: 1.3475 – 1.3515
- Stop Loss Level: 1.3365
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
