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USD/SGD Technical Analysis - USD/SGD Trading: 2023-06-26
USD/SGD Technical Analysis Summary
Above 1.355
Buy Stop
Below 1.333
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
USD/SGD Chart Analysis
USD/SGD Technical Analysis
On the daily timeframe, USDSGD: D1 is in a rising channel and has approached the 200-day moving average line. He must break it up before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if USDSGD: D1 rises above the latest high, 200-day moving average, and upper Bollinger band: 1.355. This level can be used as an entry point. Initial risk cap is possible below the Parabolic signal, the last down fractal, and the lower Bollinger band: 1.333. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. 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 (1.333) without activating the order (1.355), 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, inflation slowed down. Will USDSGD quotes continue to rise?
The Singapore Consumer Price Index was +5.1% y/y in May. This is the lowest inflation since February 2022. Its decrease reduces the likelihood of further growth of the Central Bank's rate - the Singapore Overnight Rate Average (SORA), which is now 3.63%. Its last increase was in March this year, when Singapore's inflation was higher than now +5.5% y/y. We note that in May the Singapore Trade Balance and Foreign Reserves USD increased less than expected. This could be one of the signs of a further slowdown in the economy. Singapore's GDP growth in the 1st quarter of 2023 was the lowest in 2 years and amounted to +0.4% y/y. On June 26, Singapore Industrial Production for May will be published. The outlook for this economic indicator is negative.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
