Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for August came in at S$5.900B. Economists predicted a reading of S$3.830B. Forex traders can compare this to the Singapore Balance for July, reported at S$6.544B. Non-oil Exports for August plunged by 4.7% monthly and surged by 10.7% annualized. Economists predicted a drop of 3.3% and an acceleration of 15.0%. Forex traders can compare this to Non-oil Exports for July, which surged by 12.2% monthly and 15.7% annualized.
The Singapore Unemployment Rate for the second quarter came in at 2.0%. Economists predicted a reading of 2.0%. Forex traders can compare this to the Singapore Unemployment Rate for the first quarter, reported at 2.0%.
US Retail Sales for September are predicted to decrease by 0.2% monthly, and Core Retail Sales to increase by 0.2% monthly. Forex traders can compare this to US Retail Sales for August, which rose by 1.0% monthly, and Core Retail Sales by 0.4% monthly. Retail Sales Less Autos and Gas for September are predicted to expand by 0.3% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for August, which increased by 0.4% monthly.
US Industrial Production for August is predicted to rise by 0.2% monthly. Forex traders can compare this to US Industrial Production for July, which dropped by 0.6% monthly. Capacity Utilization for August is predicted at 77.9%. Forex traders can compare this to Capacity Utilization for July, reported at 77.8%.
US Business Inventories for July are predicted to increase by 0.3% monthly, and Retail Inventories, excluding Autos, by 0.5%. Forex traders can compare this to US Business Inventories for June, which rose by 0.3% monthly, and Retail Inventories, excluding Autos, by 0.2% monthly.
The US NAHB Housing Market Index for September is predicted at 41. Forex traders can compare this to the US NAHB Housing Market Index for August, reported at 39.
The forecast for the USD/SGD remains bullish after this currency pair stabilized at its horizontal support area. Short-term volatility could increase with the Tenkan-sen and the Kijun-sen drifting lower. The Ichimoku Kinko Hyo Cloud acts as resistance, with the Senkou descending Span A widening the gap to the flat Senkou Span B. Traders should also monitor the CCI in extreme oversold territory, where a positive divergence has formed. A breakout above -100 could trigger the next advance. Can bulls regain control over the USD/SGD and push price action into its horizontal resistance 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 breakout above the 1.2900 to 1.2960 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2940
- Take Profit Zone: 1.3230 – 1.3290
- Stop Loss Level: 1.2850
Should price action for the USD/SGD break down below 1.2900, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2850
- Take Profit Zone: 1.2750 – 1.2800
- Stop Loss Level: 1.2900
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