The Singaporean
Dollar has been strengthening versus the US Dollar and tries to break below the
1.2400 round number level. The pair has been visiting this zone for the last
few trading days, but it has not been able to gain enough bearish momentum to
break or to confirm a breakout below this level, as shown on the daily chart
below of the USD/SGD. We must be attentive to a possible break out and confirmation
of it in the form of two or three more bearish candles, then if we see a
pullback to the same 1.2400 level we may get an opportunity to go short from
there.
The Dollar continued unchanged or high for all peers during the G10 meeting on Monday in the absence of economic events. The U.S. dollar was higher against the NOK, NZD, CAD, GBP, SEK and AUD, in respective order, while remained almost unchanged versus the EUR, JPY and CHF.
ReplyDeleteSing Dollar is in the group of the overvalued currencies
Good observation, let's see what will happen this week
ReplyDeleteLooking ahead, the US Dollar may spur volatility in the lead up to the June US Consumer Price Index figures, which will be released later today at 12:30 GMT. The consensus is for the annual price-growth to maintain its 2.1%.
ReplyDeleteIf June’s inflation data outshines expectations, this may push prices to the upside as it may inspire speculation for a sooner-than-expected interest rate hike by the Fed says.
great information thanks for that helpful information
ReplyDeleteThat's good analysis, I'll pay close attention to this pair.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteGreat analysis. Cheers.
ReplyDeleteSerious pull back in sight
ReplyDeletevery good view
ReplyDelete