Source: PaxForex Premium Analytics Portal, Fundamental Insight

The final Singapore GDP for the first quarter dropped 1.6% quarterly and increased 0.4% annualized. Economists predicted a contraction of 0.7% and a rise of 0.1%. Forex traders can compare this to the Singapore GDP for the fourth quarter, which decreased 0.7% quarterly and rose 2.1% annualized.

The Singapore Current Account for the first quarter came in at S$29.45B. Forex traders can compare this to the Singapore Current Account for the fourth quarter, reported at S$23.52B.

US Initial Jobless Claims for the week of May 20th are predicted at 250K, and US Continuing Claims for the week of May 13th at 1,800K. Forex traders can compare this to US Initial Jobless Claims for the week of May 13th, reported at 242K, and US Continuing Claims for the week of May 6th  at 1,799K.

The US Chicago Fed National Activity Index for April is predicted at -0.02. Forex traders can compare this to the US Chicago Fed National Activity Index for March, reported at -0.19.

The Advanced US GDP for the first quarter is predicted to increase by 1.1% annualized. Forex traders can compare this to the fourth quarter GDP, which rose 2.6% annualized. Personal Consumption for the first quarter is predicted to increase by 3.7% annualized, GDP Sales by 3.4%, and Corporate Profits to decrease by 0.9%. Forex traders can compare this to fourth-quarter Personal Consumption, which rose 1.0% annualized, GDP Sales by 1.0%, and Corporate Profits, which dropped 2.7%. The GDP Price Index for the first quarter is predicted to rise 4.0% annualized. Forex traders can compare this to the fourth quarter GDP Price Index, which rose 3.9% annualized. The Core PCE for the first quarter is predicted to expand by 4.2% annualized. Forex traders can compare this to the fourth quarter Core PCE, which increased by 3.7% annualized. The Core PCE for the first quarter is predicted to rise 4.9% annualized. Forex traders can compare this to the fourth quarter Core PCE, which expanded by 4.4% annualized.

US Pending Home Sales for March are predicted to increase by 0.5% monthly. Forex traders can compare this to US Pending Home Sales for February, which plunged 5.2% monthly.

US Natural Gas Inventories for the week ending May 19th are predicted at 108B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending May 12th, reported at 99B cubic feet.

The US Kansas City Fed Manufacturing Activity Index for May is predicted at 3. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for April, reported at -5. The US Kansas City Fed Composite Index for May is predicted at -21. Forex traders can compare this to the US Kansas City Fed Composite Index for April, reported at -10. 

The forecast for the USD/SGD turned cautiously bearish after this currency pair reached the bottom range of its horizontal resistance area. The Kijun-sen and the Tenkan-sen move higher, but the Ichimoku Kinko Hyo Cloud flatlined with a bearish bias, suggesting volatility and a potential end to the advance ahead. Traders should also monitor the CCI in extreme overbought territory, where a negative divergence has formed. A renewed breakdown below 100 could trigger a sell-off, and this technical indicator has plenty of downside potential. Can bears overpower bulls and force price action in 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 1.3485 to 1.3560 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Long Position @ 1.3510
• Take Profit Zone: 1.3330 – 1.3365
• Stop Loss Level: 1.3600

Should price action for the USD/SGD breakout above 1.3560, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Short Position @ 1.3600
• Take Profit Zone: 1.3665 – 1.3715
• Stop Loss Level: 1.3560

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