Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore’s Industrial Production for October increased by 0.1% monthly and 1.2% annualized. Economists predicted a drop of 0.8% and an acceleration of 1.5%. Forex traders can compare this to Singapore’s Industrial Production for September, which decreased by 1.5% monthly and surged by 9.0% annualized.
US Building Permits for October are predicted to decrease by 0.6% monthly to 1.416M permits. Forex traders can compare this to US Building Permits for September, which dropped by 3.1% monthly to 1.425M permits.
The US House Price Index for September is predicted to increase by 0.3% monthly. Forex traders can compare this to the US House Price Index for August, which rose by 0.3% monthly.
The US S&P/Case-Shiller Composite 20 for September is predicted to rise by 4.70% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for August, which grew by 5.20% annualized.
US Consumer Confidence for November is predicted at 111.8. Forex traders can compare this to US Consumer Confidence for October, reported at 108.7.
US New Home Sales for October are predicted at 725K new homes. Forex traders can compare this to US New Home Sales for September, which came in at 738K new homes.
The US Richmond Fed Manufacturing Index for November is predicted at -10. Forex traders can compare this to the US Richmond Fed Manufacturing Index for October, reported at -14.
The forecast for the USD/SGD turned bearish after this currency pair advanced into its horizontal resistance area. The ascending Tenkan-sen and Kijun-sen suggest more short-term upside momentum. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud are moving higher, adding medium-term upside momentum, but traders should monitor the CCI. A negative divergence preceded an initial breakdown from extreme overbought territory. This technical indicator may push above 100 once more before the next breakdown, which could lead price action into a correction. Can bears regain control over the USD/SGD and force a sell-off 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 1.3435 to 1.3485 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3475
- Take Profit Zone: 1.3195 – 1.3265
- Stop Loss Level: 1.3510
Should price action for the USD/SGD break out above 1.3485, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3510
- Take Profit Zone: 1.3545 – 1.3595
- Stop Loss Level: 1.3485
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
