Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Retail Sales for July increased by 27.4% monthly and decreased by 8.5% annualized. Forex traders can compare this to Singapore Retail Sales for June, which increased by 50.7% monthly, and which decreased by 27.7% annualized.
The US NFP Report for August is predicted to show 1,400K job additions and an unemployment rate of 9.8%. Forex traders can compare this to the US NFP Report for July, which showed 1,763K job additions and an unemployment rate of 10.2%. Private Payrolls for August are predicted to show 1,200K job additions and Manufacturing Payrolls 50K job additions. Forex traders can compare this to Private Payrolls for July, which showed 1,462K job additions, and to Manufacturing Payrolls, which showed 26K job additions. The Average Work Week for August is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for July, reported at 34.5 hours. Average Hourly Earnings for August are predicted flat at 0.0% monthly and to increase by 4.5% annualized. Forex traders can compare this to Average Hourly Earnings for July, which increased by 0.2% monthly and by 4.8% annualized. The Labor Force Participation Rate for August is predicted at 64.6%. Forex traders can compare this to the Labor Force Participation Rate for July, reported at 64.3%.
The forecast for the USD/SGD is bearish with price action trapped between its descending Tenkan-sen and Kijun-sen. Forex traders are likely to remain on the sidelines until after the release of the August NFP report out of the US, where economists predict a continuation of the labor market recovery. Some fear it could be the last overwhelmingly positive report. The Ichimoku Kinko Hyo Cloud is sloping downwards, but will it be enough for bears to 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 1.3620 to 1.3660 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.3635
- Take Profit Zone: 1.3430 – 1.3470
- Stop Loss Level: 1.3680
Should price action for the USD/SGD breakout above 1.3660 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.3680
- Take Profit Zone: 1.3720 – 1.3740
- Stop Loss Level: 1.3660
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