Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Retail Sales for September decreased by 4.5% monthly and by 10.8% annualized. Forex traders can compare this to Singapore Retail Sales for August, which increased by 1.8% monthly, and which decreased by 5.4% annualized. The US FOMC Interest Rate Decision is predicted to show interest rates at 0.25%. Forex traders can compare this to the previous US FOMC Interest Rate Decision, which showed interest rates at 0.25%.
US Initial Jobless Claims for the week of October 31st are predicted at 732K, and US Continuing Claims for the week of October 24th are predicted at 7,200K. Forex traders can compare this to US Initial Jobless Claims for the week of October 24th, which were reported at 751K, and to US Continuing Claims for the week of October 17th, which were reported at 7,756K. Preliminary US Non-Farm Productivity for the third quarter is predicted to increase by 5.6% quarterly, and Unit Labor Costs are predicted to decrease by 11.5% quarterly. Forex traders can compare this to US Non-Farm Productivity for the second quarter, which increased by 10.1% quarterly, and to Unit Labor Costs, which increased by 9.0% quarterly.
The forecast for the USD/SGD remains bearish after completing a breakdown below its Ichimoku Kinko Hyo Cloud. US election jitters will dominate the rest of the trading week, with the Trump campaign filing several lawsuits to halt vote counting. The breakdown in this currency pair below its Kijun-sen and Tenkan-sen added to downside progress, with the CCI racing lower after crossing into negative territory and more room to correct. Will bears pressure price action 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 1.3515 to 1.3565 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3550
- Take Profit Zone: 1.3435 – 1.3470
- Stop Loss Level: 1.3600
Should price action for the USD/SGD breakout above 1.3565 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3600
- Take Profit Zone: 1.3700 – 1.3760
- Stop Loss Level: 1.3565
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
