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USD/SGD: Reversal Lower but Cautious Sentiment Remains King

The USD/SGD is also impacted by economic data coming from China because the Singapore financial hub handles a large amount of Chinese Yuan.

The USD/SGD is near the 1.36220 ratio as of this writing. Yesterday’s lows produced a challenge to the 1.35900 level, but then the USD/SGD incrementally started to traverse higher while also producing rather choppy sideways price action. The USD did exhibit some weakness in the broad Forex markets yesterday, but the USD/SGD and other major currency pairs continue to show signs of cautious sentiment as important inflation data is awaited from the U.S. tomorrow and Thursday.

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    The USD/SGD is also impacted by economic data coming from China because the Singapore financial hub handles a large amount of Chinese Yuan. Singapore’s dealing rooms are not only energetic but nervous due to the lackluster business conditions in China at this time. The ability of the USD/SGD to correlate to the broad Forex markets yesterday can be viewed as a positive. It should certainly be noted the USD/SGD was within sight of its long-term lower price range as late as the middle of this July.

    USD/SGD Speculative Zeal Remains Strong

    As the USD/SGD trades slightly above the 1.36200 realm currently, traders may believe technically tests of tight support and resistance levels within its short-term lower price range will continue. If the USD/SGD however were to produce a solid amount of buying and challenge higher resistance levels near the 1.36300 to 1.36400 vicinity, this could indicate cautious sentiment is creating headwinds against bearish speculation until the results of tomorrow’s U.S Consumer Price Index reports are known.

    • U.S. data continues to be problematic, although recent data has been lackluster, traders would like to see a steeper decline in inflation before jumping into selling positions of the USD/SGD.
    • A potentially dangerous market correlation for the USD/SGD in the short term may be the value of WTI Crude Oil. The commodity remains highly priced and could spark concerns of higher inflation and a need for more USD.

    Sideways Price Action in USD/SGD

    Traders should anticipate rather choppy conditions in the USD/SGD until tomorrow’s CPI data is released, Speculators should also note Producer Price Index numbers will come from the U.S. on Thursday. Traders will need to stay alert and combine their technical interpretations with fundamental data results over the next couple of days to trade the USD/SGD effectively.

    Quick-hitting take-profit orders should be used if a trader is betting on more downside price action to develop in the next twenty-four hours.  Optimistic traders who believe U.S. inflation will come in weaker than expected need to practice their risk management. The USD/SGD could become volatile soon.

    Singapore Dollar Short-Term Outlook:

    Current Resistance: 1.36310

    Current Support: 1.36125

    High Target: 1.36595

    Low Target: 1.35900

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    Robert Petrucci
    About Robert Petrucci
    Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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