USD/SGD technical analysis: Will the USD/SGD quotes rise?

Dmitry Lukashov IFC Markets

Recommendation for USD/SGD: Buy

Buy Stop : Above 1,369
Stop Loss : Below 1,352

Indicator	Value	Signal
RSI		Buy
MACD		Buy
MA(200)		Neutral
Fractals		Neutral
Parabolic SAR		Buy
Bollinger Bands		Buy

Chart Analysis

On the daily timeframe, USDSGD: D1 approached the downtrend resistance line. It must be broken upward before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if USDSGD rises above the last high: 1.369. This level can be used as an entry point. We can place a stop loss below the Parabolic signal, 9-month low and 2 last lower fractals: 1.352. After opening a pending order, we can move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the 4-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (1.352) without activating the order (1.369), it is recommended to delete the order: some internal changes in the market that have not been taken into account.

Fundamental Analysis

Unemployment increased in Singapore in the 3rd quarter of 2020. Will the USDSGD quotes rise?

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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