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USDSGD

USD/SGD 1H Chart: Decline continuesThe Singapore Dollar has been appreciating against the US Dollar after the exchange rate reversed from the upper boundary of a medium-term channel at 1.3870. As apparent on the chart, the pair is also trading in a short-term descending channel. From a theoretical point of view, the pair should follow the junior channel and aim for the lower boundary of the senior channel near 1.3670. Important support level is the monthly PP at 1.3700. If the senior channel does not hold, a breakout south might occur and the rate might drop to the Fibonacci 38.20% at 1.3629.
by UnknownUnicorn890690
USDSGD: Risk-On Trades Back into Play?USDSGD Timeframe: 1D Direction: Short Confluences for Trade: - Stochastic has yet to move into Oversold conditions - Breaking Support Trendline (since April 2018) - Fundamentally, with positivity the outcome from the temporary truce between Trump-Xi and a more dovish FED reduces the drag on global demand and is positive for the Asian region. The SGD is a trade-weighted basket and has high correlation with CNH and EUR. This two correlation will also benefit from the improved sentiment that we have. Suggested Trade: Entry @ Area of Interest 1.3680 - 1.3750 SL: 1.3813 TP: 1.3472 RR: Approx. 2.87 (Depending on Entry Level) May the pips move in our favor! Good luck! :D *This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Short
by weekendanalyst
USDSGD Holds Trend Support | Potential Bullish ReversalUSDSGD has tested key support three times in November, in which price quickly rebound after reaching this level. This is significant as quick rebounds indicate bullish sentiment, as buyers continue buy at dips. This is further evident by the fact that price has been trading in a channel trend since June of this year. Going forward, you must look closely to the performance of Chinese & emerging markets stocks for potential correlation (Since the pair is USDSGD the correlation will be inverse to stock price). Lastly, we cannot forget about the ongoing trade war, in which bad news coming out of China will also be bearish of the Singaporean dollar. Trade Step-ups: Bullish Reversal: Price rejects break from long-term bullish trend. Price swings to the topside of the channel. In addition, it is entirely possible for price to break current support level to test the final support before price reverses. Profit levels to look for are 1.3840 & 1.3870. Bearish Breakout: Price breaks current support level and the final support level. Expect more declines if price consolidates below 1.3680.
Long
by EmpowerTrader
USDSGD TO BREAK LOWERUSD is the focus at the moment as we are seeing the currency come under some pressure after being so strong. USDSGD is at the key resistance of 1.3850 and looks to be forming a double top pattern. This will only complete when price breaks and closes below the previous structure lows around 1.3730. If the market does break and close below we can look for the neckline as a point of resistance for further downside. Key weekly support comes in around the 1.3325 and would be targets if we see the break lower. Be aware that NFP is tomorrow and we may see the USD suffer from volatility.
Short
by BlueberryMarkets