- The USD/SGD is trading near the 1.34550 mark as of this writing.
- The price of the currency pair is actually testing a value seen on the 17th of January.
- This is pointed out to traders as an acknowledgement that although the USD/SGD has delivered choppy results the past month of trading, in fact the past three months, the price of the currency pair is stable.
The choppiness which has been seen in the broad Forex market has been demonstrated clearly in the USD/SGD too. Day traders should continue to presume rather volatile results will be seen which will include moves higher and lower, and quite possibly return to the known equilibrium being displayed now in the USD/SGD. If a trader had not participated in the USD/SGD over the past couple of weeks, they would think the price of the currency pair the Forex market had been quiet.
USD/SGD Sea of Volatility and Technical Charts
However, Forex and the USD/SGD have not been calm. Behavioral sentiment has been nervous because economic data from the U.S has offered a mixed outlook. Last week’s higher than expected inflation results via the CPI readings in the U.S took the USD/SGD on a wild ride. A high of nearly 1.35260 was seen on Tuesday of last week, but since this apex the currency pair has returned to support levels which have proven crucial since the 7th of February.
The USD/SGD has actually produced a rather steady trading between 1.34300 and 1.34800. Yes, the move above to the mentioned prices last week certainly happened, but the return to what has become an ‘accepted’ trading ground is interesting from a technical perspective for speculators.
USD/SGD and Existing Nervous Behavioral Sentiment
The broad financial markets are nervous presently. There will be rather limited economic data from the U.S this week. The Purchasing Managers Index numbers will be seen in a couple of days from the U.S, but until then Forex, including the USD/SGD, are likely to remain within the grip of the behavioral sentiment which appears to almost be hesitant about outlook. Near-term conditions in the USD/SGD are likely to remain choppy and the current price range will probably stay dominant today and tomorrow.
- The return of full volume following yesterday’s U.S holiday could cause a wave of volatility later today in the USD/SGD.
- Traders should look for quick hitting trades in the short-term; reversals are probably going to remain a feature of the USD/SGD for speculators which will offer the opportunity to bet on technical perspectives.
Singapore Dollar Short Term Outlook:
Current Resistance: 1.34615
Current Support: 1.34480
High Target: 1.34810
Low Target: 1.34370
Ready to trade our Forex daily analysis and predictions? Here's a list of regulated forex brokers to choose from.