USD/SGD Signal Today - 15/07: USD Plunges Vs SGD (Chart)

(MENAFN- Daily Forex) Potential signal:

• If the US dollar closes on a daily chart below the 1.34 level, then I would be a seller of this pair.
• At that point, the market should go down to the 1.3333 level. My stop loss would be near the 1.3440 region.

• It's obvious that the US dollar continues to see a little bit of negative pressure.
• We initially tried to rally and break above the 1.3450 level, but we failed significantly to plunge toward the 1.34 level underneath.
• The 1.34 level is an area that previously had been support, and that's an area that I think a lot of people will be paying close attention to.

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Asian Currencies

It's interesting to see that the US dollar has dropped this way against the Singapore dollar, mainly due to the fact that we have seen it turn around again several other Asian currencies. This does make a certain amount of sense considering that the Singapore dollar is backed by a country that does a lot of the banking in Asia, and if we are going to see a lot of economic growth in that region, it makes a lot of sense that money flows into Singapore in order to build up the necessary capital to build massive construction projects Analysis

The technical analysis for this market is most certainly negative, but if we can break down below the 1.34 level, then the market could really start to plunge at that point, as it would be a major breach of support. All things being equal, we are in an area where we have seen a lot of noise in the past, so it'll be interesting to see how this plays out because we are most certainly in a major point of inflection, and that of course is something that we need to pay attention to. If we do break down here, then it could be yet another sign that the US dollar is going to continue to struggle, and at this point in time it is worth noting that the US dollar has fallen again in several other currencies, but not so much in Asia. In general, this is a market that will be making a significant decision over the next couple of sessions.

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