Source: PaxForex Premium Analytics Portal, Fundamental Insight
The final Singapore GDP for the third quarter increased by 1.4% quarterly and 1.1% annualized. Economists predicted a rise of 1.1% and 0.7%. Forex traders can compare this to the Singapore GDP for the second quarter, which expanded by 0.1% quarterly and 0.5% annualized.
The Singapore Current Account for the third quarter came in at S$30.07B. Forex traders can compare this to the Singapore Current Account for the second quarter, reported at S$31.53B.
US Preliminary Durable Goods Orders for October are predicted to plunge by 3.1% monthly, and Durables Excluding Transportation to increase by 0.1% monthly. Forex traders can compare this to US Durable Goods Orders for September, which surged by 4.7% monthly, and Durables Excluding Transportation, which rose by 0.5% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for October are predicted to expand by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for September, which rose by 0.6% monthly.
The final US Michigan Consumer Sentiment for November is predicted at 60.4. Forex traders can compare this to US Michigan Consumer Confidence for October, reported at 63.8. Final Current Conditions for November are predicted at 65.7, and Final Expectations at 56.9. Forex traders can compare this to Current Conditions for October, reported at 70.6, and Expectations at 59.3. Final US Michigan Inflation Expectations for November are predicted at 4.4%, and Final US Michigan 5-year Inflation Expectations at 3.2%. Forex traders can compare this to Final US Michigan Inflation Expectations for October, reported at 4.2%, and Final US Michigan 5-year Inflation Expectations at 3.0%.
US Initial Jobless Claims for the week of November 18th are predicted at 225K. Forex traders can compare this to US Initial Jobless Claims for the week of November 11th, reported at 231K.
US Crude Oil Inventories Change for the week ending November 17th are predicted at 0.900M. Traders can compare this to US Crude Oil Inventories Change for the week ending November 10th, reported at 3.592M.
US Natural Gas Inventories for the week ending November 17th are predicted at 1B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending November 10th, reported at 60B cubic feet.
The forecast for the USD/SGD turned bullish after this currency pair stabilized at its horizontal support area. Volatility could rise after the Kijun-sen and the Tenkan-sen flatlined, as the Ichimoku Kinko Hyo Cloud completed a bearish crossover, which could reverse soon given the lack of selling pressure. Traders should also monitor the CCI in extreme oversold territory. A breakout could spark a reversal rally. Can bulls regain control over the USD/SGD and pressure this currency pair into its horizontal resistance 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 breakout above the 1.3370 to 1.3420 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3400
- Take Profit Zone: 1.3565 – 1.3612
- Stop Loss Level: 1.3345
Should price action for the USD/SGD breakdown below 1.3370, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3345
- Take Profit Zone: 1.3170 – 1.3215
- Stop Loss Level: 1.3370
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