USD/SGD Technical Analysis | USD/SGD Trading: 2022-10-18 | IFCM Hong Kong
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USD/SGD Technical Analysis - USD/SGD Trading: 2022-10-18

USD/SGD Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 1,418

Sell Stop

Above 1,445

Stop Loss

Mary Wild
Mary Wild
Senior Analytical Expert
Articles2058
IndicatorSignal
RSI Neutral
MACD Sell
MA(200) Neutral
Fractals Neutral
Parabolic SAR Sell
Bollinger Bands Neutral

USD/SGD Chart Analysis

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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Note:
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.

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