USD/SGD Analysis Today - 19/11: Speculation Rises (Chart)
Date
11/19/2024 2:33:25 PM
(MENAFN- Daily Forex) The USD/SGD has traded in a relatively calm manner in early trading this morning, but this follows a handful of days in which the currency pair has produced sharp reversals, tested highs and remains choppy.
The price of the USD/SGD as of this writing is around the 1.33895 mark with a rather sustained range having been demonstrated early this morning. However, this follows a week of rather brutal conditions in the USD/SGD which some retail traders have found difficult. A high of nearly 1.34970 was seen last Thursday, yes, since then incremental selling has been seen, but it has come with a fight consisting of reversals.
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While the downturn in the USD/SGD yesterday from a high around 1.34500 is noteworthy, now the question where support levels will be durable is being asked. Yesterday's resistance proved strong and there will be no major U.S economic data releases today or tomorrow. USD/SGD trading is correlating well to the broad Forex market which has continued to see choppy conditions Speculation in the USD/SGD
Many traders certainly became accustomed to the bearish strength the USD/SGD had shown since July of this year when the currency pair went above the 1.36070 level, then declined and touched the 1.27875 vicinity in late September. The question many speculators are asking is if the buying power and bullish trend seen for more than a month and a half will finally start to run out of power. Some traders may believe last week's high on Thursday was a pivot point.
Behavioral sentiment is dominating Forex and the USD/SGD. Conditions are nervous and shifting opinions in financial institutions are testing mid-term outlooks. The belief the U.S Federal Reserve may remain dovish in December and early in 2025 is not having much of an effect, this is problematic and highlights the level of anxiousness still active in Forex because of new U.S policy expected from the coming Trump administration. The 1.33900 to 1.33800 level is being challenged and if these levels can see sustained trading and maintain lower price elements some speculators may believe bearish considerations are starting to brew again in the USD/SGD Management and the Torment of Being Careful
Forex, including the USD/SGD has been hard for many speculators since late September as risk adverse trading has increased significantly. It is too easy to look at trends from the past and say what should have been done regarding targets which were wagered, but it isn't hard to always say risk management needs to be used – even if it is boring.
Current conditions remain challenging. Yes, the USD/SGD still looks overbought, but betting on a sustained move lower has certainly run into reversals higher which have produced new mid-term apex values. Looking for lower values in the USD/SGD feels appealing, but limited goals should be sought and take profit orders used.
Singapore Dollar Short Term Outlook:
Current Resistance: 1.33940
Current Support: 1.33870
High Target: 1.34035
Low Target: 1.33770
EURUSD Chart by TradingView
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