Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore CPI for September increased by 0.3% monthly and 2.0% annualized. Forex traders can compare this to the Singapore CPI for August, which rose 0.7% monthly and 2.2% annualized. The Singapore Core CPI for September accelerated by 2.8% annualized. Economists predicted an increase of 2.7%. Forex traders can compare this to the Singapore Core CPI for August, which rose 2.7% annualized.
US Existing Home Sales for September are predicted at 3.88M. Forex traders can compare this to US Existing Home Sales for August, reported at 3.86M.
US Crude Oil Inventories Change for the week ending October 18th are predicted to increase by 0.800M. Traders can compare this to US Crude Oil Inventories Change for the week ending October 11th, which decreased by 2.191M. US Gasoline Inventories Change for the week ending October 18th are predicted to contract by 1.600M, and US Distillate Stocks Change to drop by 2.000M. Traders can compare this to US Gasoline Inventories Change for the week ending October 11th, which decreased by 2.01M, and US Distillate Stocks Change, which plunged by 3.534M.
The forecast for the USD/SGD has turned cautiously bearish as this currency pair advanced into its horizontal resistance area over the past 18 trading sessions. The Tenkan-sen and the Kijun-sen continue to move higher after a bullish crossover, confirming short-term bullish momentum persists. The Senkou Span A of the Ichimoku Kinko Hyo Cloud moves higher, with the Senkou Span B moving lower, narrowing the Ichimoku Kinko Hyo Cloud and pointing to medium-term volatility ahead. Traders should also monitor the CCI in extreme overbought territory, where a negative divergence has formed. A breakdown below 100 could trigger the next sell-off, and this technical indicator has plenty of downside potential. Can bears regain control over the USD/SGD and force 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 1.3170 to 1.3230 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3190
- Take Profit Zone: 1.2875 – 1.2940
- Stop Loss Level: 1.3290
Should price action for the USD/SGD break out above 1.3230, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3290
- Take Profit Zone: 1.3375 – 1.3410
- Stop Loss Level: 1.3230
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