Source: PaxForex Premium Analytics Portal, Fundamental Insight

The preliminary Singapore GDP for the third quarter increased 0.8% quarterly and 6.5% annualized. Forex traders can compare this to the Singapore GDP for the second quarter, which decreased 1.4% quarterly, and increased 15.2% annualized.

US Initial Jobless Claims for the week of October 9th are predicted at 319K, and US Continuing Claims for the week of October 2nd are predicted at 2675K. Forex traders can compare this to US Initial Jobless Claims for the week of October 2nd, reported at 326K, and to US Continuing Claims for the week of September 25th, reported at 2,714K.

The US PPI for September is predicted to increase 0.6% monthly and 8.7% annualized. Forex traders can compare this to the US PPI for August, which increased 0.7% monthly and 8.3% annualized. The US Core PPI for September is predicted to increase 0.5% monthly and 7.1% annualized. Forex traders can compare this to the US Core PPI for August, which increased 0.6% monthly and 6.7% annualized.

The forecast for the USD/SGD remains bearish following its most recent reversal. Three lower highs established a descending resistance level, keeping bearish pressures in place. Traders should monitor the descending Tenkan-sen, as a crossover below the flat Kijun-sen is expected to increase selling pressure on this currency pair. The Ichimoku Kinko Hyo Cloud remains flat, and the Senkou Span A is likely to reverse below the Senkou Span B. Traders should wait for the CCI to move out of extreme oversold territory before reverting below-100 for a likely reversal from a false breakout before adding new short positions. Can bears maintain downside pressure on the USD/SGD and force this currency pair 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 1.3460 to 1.3520 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.3480
• Take Profit Zone: 1.3275 – 1.3330
• Stop Loss Level: 1.3580

Should price action for the USD/SGD breakout above 1.3520, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.3580
• Take Profit Zone: 1.3640 – 1.3680
• Stop Loss Level: 1.3520

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.