USD/SGD falling wedge before the NFP [Video]
|The USD/SGD pair crashed in the short term as the DXY plunged. Now, it’s trading at 1.3448 at the time of writing, above 1.3432 today’s low. Fundamentally, the US data should be decisive today. The NFP is expected at 193K, Average Hourly Earnings may report a 0.3% growth, while Unemployment Claims could be reported at 3.5%. Poor US data could weaken the greenback which could lose more ground versus its rivals.
Breaking below 1.3501 activated more declines. Now, it has reached a strong demand zone above 1.3427 downside obstacle. The price action developed a Falling Wedge pattern which is seen as a bullish pattern.
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