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Singapore Dollar: USD/SGD (SGD=X) seeing more upside support

Singapore Dollar: USD/SGD (SGD=X) seeing more upside support

$USDSGD

USD/SGD seeing more upside support Wednesday above 1.3560 after a generally bearish trend that lasted since Friday. ’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: Sideways.

The projected upper bound is: 1.37.

The projected lower bound is: 1.35.

The projected closing price is: 1.36.

Candlesticks

A black body occurred (because prices closed lower 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 24 black candles for a net of 2 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.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 13.5628. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 11 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 47.96. 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 17 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 -104.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 4 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 15 period(s) ago.

Rex Takasugi – TD Profile

FOREX SGD= closed down -0.000 at 1.358. Volume was 90% below average (consolidating) and Bollinger Bands were 36% narrower than normal.

Open High Low Close Volume___
1.358 1.359 1.357 1.358 2,948

Technical Outlook
Short Term: Oversold
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: 34,216 31,477 26,371

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 1.6% above its 200-period moving average and is in an upward trend. Volatility is high 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 bullish on SGD= and have had this outlook for the last 27 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.