Singapore Dollar: USD/SGD (SGD=X) Highlights
Asian currencies are seeing some weaknesses on Wednesday, led by CNH (-0.36%), KRW (-0.33%), CNY (-0.33%), THB (-0.29%), TWD (-0.22%), IDR (-0.15%), SGD (-0.13%), MYR (-0.12%), PHP (-0.08%). Markets started getting concerned about trade once again, as China is said to plan countermeasures to US’s proposed 2nd round tariffs. INR was the exception gaining 0.04% against the USD.
USD/CNH saw a strong bid tone on Wednesday, after the US is said to be preparing additional tariffs on up to USD 200bn of China imports. Pair moved to a high of 6.6918 from below the 6.6400 handle a day earlier. Pair pared gains to 6.6752 at last look.
PBoC fixed mid-point at 6.6234 vs. previous close of 6.6405. USD/CNY gapped higher at 6.6694 and a high of 6.6799. Pair last seen toning down to 6.6554. This opened CNY/CNH gap of around 2 big figures. 1M NDFs followed spot movements to 6.7460 at last look.
USD/SGD seeing more upside support Wednesday above 1.3560 after a generally bearish trend that lasted since Friday. Trump’s brand new list of tariffs on Chinese goods saw to a shift in demand toward the dollar and away from the yuan, and other Asian FX. Some resilience from the trade war seen in the Singapore dollar however, which made gains against the yuan for the second day running. SGD/CNY printed a roughly 7 month 4.9085 high on Wednesday. Pair tentatively crossed the 1.3609 resistance but retreated back downward throughout the day, last seen consolidating around 1.3580.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1.38.
The projected lower bound is: 1.35.
The projected closing price is: 1.36.
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 white candles.
A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).
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).
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 78.7590. This is not an overbought or oversold reading. The last signal was a buy 2 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 60.04. 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 8 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 1. This is not a topping or bottoming area. The last signal was a buy 2 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX SGD= closed unchanged at 1.363. Volume was 100% below average (consolidating) and Bollinger Bands were 25% narrower than normal.
Open High Low Close Volume___
1.363 1.363 1.363 1.363 4
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1.36 1.35 1.34
Volatility: 6 5 5
Volume: 30,017 30,291 25,642
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 2.0% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into SGD= (mildly bullish). Our trend forecasting oscillators are currently bullish on SGD= and have had this outlook for the last 18 periods.
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