USD/SGD Analysis Today 08/10: What's After Jobs Data? -Chart
Date
10/8/2024 2:47:50 PM
(MENAFN- Daily Forex)
On Friday afternoon the USD/SGD was comfortably trading near the 1.29750 vicinity when the U.S jobs numbers were released. Upon the publication of the Non-Farm Employment reports the USD/SGD jumped with serious price velocity to nearly the 1.30500 and commenced trading from that spot.
The USD/SGD is trading near the 1.30330 ratio as of this writing and the currency pair has established a higher price range. However, the values of the USD/SGD do remain within the lower elements of its mid-term realm, this as
financial institutions now seek equilibrium as they monitor shifting behavioral sentiment and Mid-Term Risks for the USD/SGD
Not only has a potential shift of outlook occurred for USD/SGD traders occurred regarding the U.S Fed's interest rate policy which will be released on the 7th of November, but geopolitical tensions in the Middle East have also likely created some risk adverse insights. Yet, the current value of the USD/SGD it should be noted has traded slightly lower since touching a high of nearly 1.30645 approximately on Friday.
While question may exist regarding the Federal Reserve to be ultra dovish in November it still appears that financial institutions believe calm rhetoric will be heard in the coming weeks. There will be another U.S jobs report before the next Fed meeting. But that is thinking too far ahead for day traders. In the short-term speculators will be anticipating this Thursday's U.S CPI inflation report. If the Consumer Price Index numbers meet expectations or come in slightly lower than anticipated this could reignite selling of the USD/SGD. However, betting on the outcome before the release of the data will be dangerous Resistance is Intriguing in the USD/SGD
Choppy conditions should be expected in the short and near-term for the USD/SGD. Winds are blowing which will affect the broad Forex market and the currency pair will not be immune. Resistance above in the near-term may prove interesting, this because it appears financial institutions believe technically the USD/SGD has reasons to remain within its lower mid-term price realms.
If the 1.30400 is approached it may continue to spark some selling. The impetus coming on Thursday from the U.S inflation numbers will be a crucial spark in Forex. If geopolitical tensions can remain calm then the USD/SGD may explore the current price range and provide opportunities for day traders. Risk management is important as always and traders should have stop loss orders working to guard against potential price velocity. Looking for quick hitting reversals lower when technical resistance is hit in the short-term may be appealing.
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Current Resistance: 1.30370
Current Support: 1.30240
High Target: 1.30470
Low Target: 1.30090
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