Source: PaxForex Premium Analytics Portal, Fundamental Insight

The final Singapore GDP for the third quarter increased 1.3% quarterly and 7.1% annualized. Forex traders can compare this to the Singapore GDP for the second quarter, which decreased 1.4% quarterly and increased 15.2% annualized.

The Singapore Current Account for the third quarter was reported at S$28.12B. Forex traders can compare this to the Singapore Current Account for the second quarter, reported at S$26.79B.

US Initial Jobless Claims for the week of November 20th are predicted at 260K, and US Continuing Claims for the week of November 13th at 2033K. Forex traders can compare this to US Initial Jobless Claims for the week of November 13th, reported at 268K, and US Continuing Claims for the week of November 6th, reported at 2,080K.

US Preliminary Durable Goods Orders for October are predicted to increase 0.2% monthly, and Durables Excluding Transportation are predicted to increase 0.5% monthly. Forex traders can compare this to US Durable Goods Orders for September, which decreased 0.3% monthly, and Durables Excluding Transportation, which increased 0.5% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for October are predicted to increase 0.5% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for September, which increased 0.8%.

The Preliminary US GDP for the third quarter is predicted to increase 2.2% quarterly. Forex traders can compare this to the second-quarter GDP, which increased 6.7% quarterly. Preliminary Personal Consumption for the third quarter is predicted to increase by 1.6% annualized. Forex traders can compare this to second-quarter Personal Consumption, which increased 12.0% annualized. GDP Sales for the third quarter are predicted flat at 0.0% annualized. Forex traders can compare this to second-quarter GDP Sales, which increased 8.1% annualized. The Preliminary GDP Price Index for the third quarter is predicted to increase by 5.7% annualized. Forex traders can compare this to the second quarter GDP Price Index, which increased 6.5% annualized. The Preliminary Core PCE for the third quarter is predicted to increase by 4.5% annualized. Forex traders can compare this to the second quarter Core PCE, which increased 6.1% annualized.

US Personal Income for October is predicted to increase 0.2% monthly, and Personal Spending is predicted to increase 1.0% monthly. Forex traders can compare this to Personal Income for September, which decreased 1.0% monthly, and Personal Spending, which increased 0.6% monthly. Real Personal Spending for October is predicted to increase 1.0% monthly. Forex traders can compare this to Real Personal Spending for September, which increased 0.6% monthly. The PCE Core Deflator for October is predicted to increase 0.4% monthly and 4.1% annualized. Forex traders can compare this to the PCE Core Deflator for September, which increased 0.2% monthly and 3.6% annualized.

US New Home Sales for October are at 800K new homes. Forex traders can compare this to US New Home Sales for September, reported at 800K new homes.

The final US Michigan Consumer Sentiment for November is predicted at 66.8. Forex traders can compare this to US Michigan Consumer Confidence for October, reported at 71.7. Final Current Conditions for November are predicted at 73.2, and Final Expectations are predicted at 63.0. Forex traders can compare this to Current Conditions for October, reported at 77.7, and Expectations, reported at 67.9.

The forecast for the USD/SGD turned bearish after this currency pair ran into resistance, and the last two daily candlesticks formed a bearish pattern. After the Kijun-sen and the Tenkan-sen entered a sideways drift, a sign of fading short-term bullishness, price action is expected to reverse. Adding to the bearish outlook is the descending Ichimoku Kinko Hyo Cloud, which is likely to extend its downward move. The CCI formed a negative divergence in extreme overbought territory, another bearish signal, and traders should wait for a breakdown below 100 before selling this currency pair. Will bears 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 1.3620 to 1.3660 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.3635
• Take Profit Zone: 1.3495 – 1.3520
• Stop Loss Level: 1.3710

Should price action for the USD/SGD breakout above 1.3660, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.3710
• Take Profit Zone: 1.3780 – 1.3810
• Stop Loss Level: 1.3660

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