The USD/SGD has seen some downside emerge in trading the past six hours, but the currency pair is maintaining the higher elements of its known price range.
- The USD/SGD has seen plenty of volatility the past week of trading, mirroring the results seen across the broad Forex market.
- The price of the USD/SGD as of this writing is near the 1.34475 mark.
- If a trader has not looked at the price of the currency pair the past month, they may think ‘the price matches value seen in late February’, and they would be correct.
However the real story within the USD/SGD has been the consistent volatility which also happened to produce a low of nearly 1.33680 last Thursday and then a run up to the 1.35070 ratio very early yesterday. The reversal lower since yesterday’s highs, reflects the amount of nervous tension in the broad Forex market which has been acting like a boomerang. A lack of clarity regarding the U.S Federal Reserve is fueling behavioral sentiment which is rapidly shifting.
Current Price of USD/SGD and Short-Term Considerations
Traders should not get comfortable in the USD/SGD. The ability to come back to a known price range is important, but it suggests financial institutions and large players are waiting for the next balloon to explode. U.S data will see a Consumer Confidence report today, but then on Thursday a parade of explosive statistics will be published including Gross Domestic Product, the GDP Price Index, and weekly Unemployment Statistics among others.
Traders should use entry price orders today in the USD/SGD and consider practicing quick hitting targets which can limit risk exposure. After today’s consumer reading from the U.S, perhaps Forex will become calm until Thursday, but there is a chance a search for equilibrium in the USD/SGD may cause further choppiness. Last week’s results reflected dynamics in the currency pair which have been seen the past handful of months.
Technical Traders and the Argument of Not Knowing
Technical traders sometimes say they would rather not know any fundamentals that are being produced via economic data, this as they interpret their trading perspective via trends only. However it can be argued soundly that the fundamental economic data being released is having a vital influence on the gyrations being seen in the USD/SGD and other major Forex pairs.
- The mixed data being produced the past couple of months from the U.S has led to a reactive market and has made the Federal Reserve sound confused.
- Technical traders may have some advantages with pursuing trends, but knowing when the economic reports are being published can help them time coming price reactions too.
A range between 1.34350 and 1.34600 should be watched today in the short-term. These levels may show where sentiment is aligning as the U.S gets prepared to see the CB Consumer Confidence reading. A stronger than expected result from the report could produce buying in the USD/SGD. A weaker result might spark some selling in the currency pair.
Singapore Dollar Short Term Outlook:
Current Resistance: 1.34545
Current Support: 1.34410
High Target: 1.34690
Low Target: 1.34275
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Rehana William |Financial Consultant _Forex_Gold Xauusd| Fund Manager 