Singapore Dollar: USD/SGD (SGD=X) take a short position on USD/SGD only below 1.3680

Singapore Dollar: USD/SGD (SGD=X) take a short position on USD/SGD only below 1.3680

Singapore Dollar: USD/SGD (SGD=X) take a short position on USD/SGD only below 1.3680

  • USD/SGD is currently trading around 1.3682 marks.
  • It made intraday high at 1.3696 and low at 1.3682 levels.
  • Intraday bias remains bearish till the time pair holds key resistance at 1.3720 marks.
  • A daily close above 1.3640 will test key resistances at 1.3720, 1.3780, 1.3820, 1.3854 and 1.3905 levels respectively.
  • Alternatively, a consistent close below 1.3690 will drag the parity down towards key supports at 1.3652/1.3607/1.3570/1.3510/1.3450 levels respectively.
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position on USD/SGD only below 1.3680, stop loss at 1.3720 and target of 1.3652/1.3607.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 1.38.

The projected lower bound is: 1.35.

The projected closing price is: 1.36.

Candlesticks

During the past 10 bars, there have been 2 white candles and 7 black candles for a net of 5 black candles. During the past 50 bars, there have been 23 white candles and 26 black candles for a net of 3 black candles.

A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.

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 10.0002. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 5 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 41.75. 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 58 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 -163.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 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 sell 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX SGD= closed down -0.000 at 1.364. Volume was 99% below average (consolidating) and Bollinger Bands were 12% narrower than normal.

Open High Low Close Volume___
1.364 1.365 1.364 1.364 319

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 1.37 1.37 1.34
Volatility: 3 5 5
Volume: 22,072 30,199 27,799

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 1.8% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of SGD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on SGD= and have had this outlook for the last 2 periods.

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