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USD/SGD: a short-term idea

USD/SGD: a short-term idea

Information is not investment advice

Looking for a way to bet on the weaker USD, we have considered several currency pairs but the one that came to our attention was USD/SGD.

The pair has already made a significant decline this week and is now testing the 50-week MA at 1.3650. Still, it does have the potential to move more. On D1, it’s trying to get below the 50-day MA at 1.3630 and 50% Fibo of the March-May advance. If it succeeds, the targets will lie at 61.8% Fibo (1.3597) and 100-day MA (1.3585).

A return at least above 1.3665 is needed to improve the short-term technical picture.

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EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.

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USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.

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