USD/SGD Forecast Today 11/7: Hovering 200-Day EMA (Video)
Date
7/11/2024 4:48:27 AM
(MENAFN- Daily Forex)
In my daily analysis of the US dollar against the Singapore dollar, I can see that we continue to dance around the crucial 200 day EMA. This is an indicator that a lot of people will pay attention to for a longer term trend. I think it does make a certain amount of sense that we continue to see a lot of noise here.
However, it looks like a little bit of a pullback could continue, opening up the possibility of a move down to the 1.3450 level, as this USD/SGD pair tends to move in 50 pip increments. Keep in mind that Thursday features the consumer price index numbers, which of course is a major read on inflation and perhaps could be read through as to what the Federal Reserve will do.
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It is all about the Fed
After all, in the forex world, the Federal Reserve is likely to continue to be the main focus for pretty much everyone. We also have the Producers Price Index on Friday, which is just yet another read on inflation in America, which of course is a read on how monetary policy around the world will be moving. In general, you should keep in mind that the Singapore dollar is thought of and is something like the Swiss franc of Asia.
So therefore, it's more or less a banking currency in general. This is a market that I think continues to see a lot of choppy and sideways action, but quite frankly, that's normal. The 50 day EMA and the 200 day EMA indicators both are relatively flat, so it's not a huge surprise to see that the market is essentially locked up right around the 1.35 handle. This is an area that has been important more than once, as therefore it is a situation where we are essentially“comfortable” at this point. The next few days will more likely than not be a situation where we might make a bigger decision.
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