Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for August was reported at $5.800B. Forex traders can compare this to the Singapore Balance for July, reported at $3.300B. Non-Oil Exports for August increased by 10.5% monthly and by 7.7% annualized. Economists predicted an increase of 0.9% and 3.7%%. Forex traders can compare this to Non-Oil Exports for July, which increased by 1.2% monthly and by 5.9% annualized.
US Housing Starts for August are predicted at 1,478K starts, and Building Permits at 1,520K permits. Forex traders can compare this to US Housing Starts for July, reported at 1,496K starts, and to Building Permits, reported at 1,483K permits. US Initial Jobless Claims for the week of September 12th are predicted at 850K, and US Continuing Claims for the week of September 5th are predicted at 13,000K. Forex traders can compare this to US Initial Jobless Claims for the week of September 5th, which were reported at 884K, and to US Continuing Claims for the week of August 29th, which were reported at 13,385K. The Philadelphia Fed Manufacturing Index for September is predicted at 15.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for August, reported at 17.2.
The forecast for the USD/SGD remains bearish. Singapore non-oil exports surprised to the upside, boosting the Singapore Dollar. Yesterday’s FOMC meeting ended with a renewed confirmation that interest rates will not change until the end of 2023. The US Dollar and US equity markets came under selling pressure. Price action remains below its Tenkan-sen and Kijun-sen with a downward sloping Ichimoku Kinko Hyo Cloud. Can bears force this currency pair into its next 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 1.3575 to 1.3635 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3610
- Take Profit Zone: 1.3430 – 1.3470
- Stop Loss Level: 1.3670
Should price action for the USD/SGD breakout above 1.3635 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3670
- Take Profit Zone: 1.3720 – 1.3740
- Stop Loss Level: 1.3635
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