I rarely ever go near this pair but recently i'm starting to think I should.
Tomorrow is NFP so trade carefully but I really am banking on USD weakness after weeks and weeks of the economy seemingly being propped up out of nowhere. Despite the issues the USA are facing with their handling of (the C word) and the fact that its left over a million in America...
Price has been range bound over the last month and has finally moved out of this range and bounced off the 62.5 fib and is just below the 4HR 55EMA/1D 55EMA and Daily Price Pivot (fakeout). Expect a push up back into the range with a move to the upper part of the range.
Long at 1.38 with a target at the top of the range at 1.39.
We last posted on the USDSGD on March 27th when price was firmly range bound between pivot resistance from September of last year and the round number 1.3000 acting as support.
There has been no change on this since then and price has continued to side wind between those levels of support and resistance.
Price is our, and must also be your, primary indicator....
The USDSGD is an exotic that is a regular on our watchlist. It is a slow mover but trends very well and hence a great addition to balancing out a portfolio. If you look at the monthly time frame, you can see how well this trends from 2002 all the way through to 2011.
Since 2011, however, this has been difficult to trade with short lived trends and extended...
This week we are looking to get USD long as we can see potential strength re-entering the market, we have a reversal trade here on USDSGD. We have been down trending for some time and now we have hit the 1.3400 weekly support level and look to be bouncing from the level.