Singapore is widely regarded as one of the most crypto-friendly countries in the world, largely due to its stable politics, reliable infrastructure, and favorable business environment.
Singapore’s Central Bank has experimented with blockchain technology, and announced Project Ubin, a collaborative project with a consortium of banks and technology companies to explore the use of blockchain for payments and securities clearing and settlement. Ultimately, the goal is to put the Singapore dollar on the blockchain. This initiative has been instrumental in reinforcing the image of Singapore as a leading financial hub and an innovator that pioneers in breakthrough technology. More so, it affirms both locals and foreigners about the country’s commitment to blockchain, making Singapore a more enticing place to establish and develop such projects.
Regulations to combat money laundering
The local government is clearly engaged by the potential of blockchain and understands the importance of encouraging innovation in this sector. That being said, the Singaporean regulators remain cautious in their actions and implications on the blockchain sector.
As a measure to protect the interest of the public, all virtual-currency intermediaries in Singapore such as exchange operators are required to comply with requirements to combat money laundering and terrorism financing. Also, in view of the popularity of ICOs, the central bank has issued a detailed guide on the application of securities law in relation to offers or issues of digital currencies in Singapore.
Private sectors have also pushed forward to keep themselves relevant in this fast-changing domain by investing time and resources in blockchain initiatives.
Recognizing the prospect of the technology, local universities like Singapore Management University (SMU), Singapore University of Social Sciences (SUSS) and National University of Singapore (NUS) have started offering blockchain courses to empower students and enthusiasts the knowledge to expand their interest in the field.
SGD Currency Analysis
Overall, the bias in prices is: Sideways.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
The projected upper bound is: 1.35.
The projected lower bound is: 1.34.
The projected closing price is: 1.35.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 5.6701. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 20 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 32.38. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 55 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -166.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 9 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 14 period(s) ago.
Rex Takasugi – TD Profile
FOREX SGD= closed down -0.000 at 1.345. Volume was 17% below average (neutral) and Bollinger Bands were 7% wider than normal.
Open High Low Close Volume
1.345 1.348 1.344 1.345 19,925
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1.35 1.36 1.38
Volatility: 3 4 5
Volume: 22,467 23,370 26,298
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX SGD= is currently 2.3% below its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume out of SGD= (bearish). Our trend forecasting oscillators are currently bearish on SGD= and have had this outlook for the last 11 periods.
Looking to invest in Bitcoin? Contact Us.