USD/SGD Analysis Today 08/04: Higher Price Range (Chart)

(MENAFN- Daily Forex) The USD/SGD is near the 1.34970 as of this writing with swift changes to value being demonstrated as financial institutions react to short-term volatility and adjust their mid-term outlooks.

The USD/SGD has been caught up in the swirl of Forex mayhem as the currency pair has moved higher and is near the 1.34970 ratio. However, readers are urged to compare the currency market price in the USD/SGD to this report because of the rather volatile conditions which are effecting the currency pair. The tariff shadows via the U.S White House certainly have implications for Singapore, and perhaps the most dangerous aspect short-term for the USD/SGD is the movement in the Chinese Yuan via the USD/CNY.

Because of Singapore's status as an international trading hub it has a lot of exposure to fluctuations in the Chinese Yuan and there is movement in the currency which is likely to cause knock on effects in the USD/SGD. As China and the U.S negotiate tariff policies with tough measures it has become an open secret that China may intervene in the USD/CNY – allowing the Yuan to get weaker. However, this is a volatile circumstance and traders must understand changes to Forex stances can change abruptly Dangers for USD/SGD Speculation

The USD/SGD was trading near the 1.33060 vicinity on Friday before a nervous wave of buying erupted in the currency pair. The USD/SGD has correlated to the broad Forex market in many respects, but because of its exposure to the China/ U.S negotiations which appear to be escalating the currency pair is liable to move with sudden spikes as news develops in the coming hours and days. The near-term for the USD/SGD should be handled with extreme care.

While the 1.35000 appears high for the USD/SGD, if caution continues to mount regarding the implications of China and the U.S ratcheting up their rhetoric against one another about trade, Singapore will endure some of the most direct storms from this chaos. A lack of clarity could cause USD/SGD risk adverse buying to gain momentum. Traders must be stay alert and understand behavioral sentiment is subject to quick changes.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Leverage and Speculation in the USD/SGD

The USD/SGD was trading near the 1.35330 ratio on Monday. On the 3rd of February the USD/SGD challenged the 1.37000 level briefly as a flurry of nervous buying was demonstrated. Speculators should not get overly ambitious, but if risk adverse conditions build once again over the next 24 hours there is a potential the USD/SGD could see bullish action exert strength.

Traders must use conservative leverage, and in order to trade they will need to eliminate their emotions and allow the market to trade.
However, because of the fast and loud rhetoric from the U.S and China, cautious traders may choose to simply watch results instead of trying to pursue dangerous speculative positions.

EURUSD Chart by TradingViewSingapore Dollar Short Term Outlook:

Current Resistance: 1.35025

Current Support: 1.34920

High Target: 1.35250

Low Target: 1.34600

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