USD/SGD (SGD=X) continues to trade in rigid boundaries, stay neutral

USD/SGD (SGD=X) continues to trade in rigid boundaries, stay neutral

USD/SGD (SGD=X) continues to trade in rigid boundaries, stay neutral

  • USD/SGD is currently trading around 1.3362 marks.
  • It made intraday high at 1.3373 and low at 1.3346 levels.
  • Intraday bias remains neutral till the time pair holds key support at 1.3325 mark.
  • A daily close above 1.3370 will test key resistances at 1.3438, 1.3490, 1.3532 and 1.3587 levels respectively.
  • Alternatively, a consistent close below 1.3325 will drag the parity down towards key support at 1.3307/1.3255/1.3218/1.3120 levels respectively.
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on USD/SGD only above 1.3401, stop loss 1.3330 and target of 1.3490.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 1.36.

The projected lower bound is: 1.33.

The projected closing price is: 1.35.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 86.6278. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 6 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 62.04. 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 26 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 148.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 5 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX SGD= closed up 0.000 at 1.345. Volume was 100% below average (consolidating) and Bollinger Bands were 26% narrower than normal.

Open High Low Close Volume___
1.345 1.345 1.344 1.345 115

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

Moving Averages: 10-period 50-period 200-period
Close: 1.34 1.33 1.34
Volatility: 4 6 5
Volume: 21,797 26,158 24,735

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 0.7% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. 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 8 periods.

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