Singapore Dollar (SGD) ⇨ US Dollar ($) (SGDUSD) Bullish

Singapore Dollar (SGD) ⇨ US Dollar ($) (SGDUSD) Bullish

With the Monetary Authority of Singapore (MAS) having kept its Singapore dollar policy on hold at its bi-annual meeting in April 2017 and likely to remain on hold through October, we believe that further gains are likely to be limited.

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 1.42.

The projected lower bound is: 1.39.

The projected closing price is: 1.40.

 

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 85.3657. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 18 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 58.97. 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 sell 98 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 267.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX SGD= closed up 0.004 at 1.404. Volume was 38% below average (neutral) and Bollinger Bands were 50% narrower than normal.

Open    High     Low     Close     Volume
1.401     1.406   1.399    1.404    23,559

Technical Outlook
Short Term:                Overbought
Intermediate Term:  Bullish
Long Term:                 Bullish

Moving Averages:  10-period    50-period   200-period
Close:                        1.40              1.40             1.40
Volatility:                 4                   5                   7
Volume:                   23,367         29,178         34,840

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.

Summary

FOREX SGD= is currently 0.5% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect volume flowing into and out of SGD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on SGD= and have had this outlook for the last 2 periods.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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