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USD/SGD Technical Analysis - USD/SGD Trading: 2022-10-18
USD/SGD Technical Analysis Summary
Below 1,418
Sell Stop
Above 1,445
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
USD/SGD Chart Analysis
USD/SGD Technical Analysis
On the daily time frame, USDSGD: D1 has broken through the uptrend support line and may create a double top. A number of technical analysis indicators formed signals for further decline. We do not rule out a bearish movement if USDSGD: D1 falls below the latest down fractal: 1.418. This level can be used as an entry point, Initial risk limit possible above last up fractal and Parabolic signal: 1.445. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal high. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (1.445) without activating the order (1.418), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - USD/SGD
In Singapore came out positive economic data. Will USDSGD quotes continue to decline?
The downward movement means the strengthening of the Singapore dollar against the US dollar. According to preliminary data, Singapore Gross Domestic Product grew by 1.5% q/q in the 3rd quarter of this year. This is noticeably better than the (-1% q/q) forecast. The positive balance of Singapore Trade Balance in September also exceeded the forecast and turned out to be the maximum for 8 months. On October 25, data on inflation will be released in Singapore, on October 26 - industrial production and on October 27 - unemployment. These figures may affect the exchange rate of the Singapore dollar. It should be noted that core inflation in August amounted to 5.1% y/y. At the same time, the Monetary Authority of Singapore (central bank) expects it to decrease to 4% by the end of this year.
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