fbUSDSGD Forecast | At the end of 2020, Singapore's GDP decreased by 6% | IFCM

기술적 분석 USDSGD : 2021-01-20

Recommendation for USD/SGD:

Buy
강한 판매SellNeutralBuy강 Buy

Above 1,333

Buy Stop

Below 1,313

Stop Loss

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Senior Analytical Expert
Articles 1708
IndicatorValueSignal
RSI Buy
MACD Buy
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

Chart Analysis

IFC Markets Tech Analysis

On the daily timeframe, USDSGD: D1 broke through the downtrend resistance line. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish move if USDSGD rises above the last maximum and the last high fractal: 1.333. This level can be used as an entry point. We can place a stop loss below the minimum since April 2018, the last lower fractal, the lower Bollinger band and the Parabolic signal: 1.313. After opening a pending order, we 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 four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (1.313) without activating the order (1.333), it is recommended to delete the order: the market sustained internal changes that have not been taken into account.

Fundamental Analysis

Singapore's export growth may have been driven by a weak base effect. Will the USDSGD quotes move up?

The upward move signifies the weakening of the Singapore dollar against the greenback. In December 2020, Singapore's Non-Oil Exports rose by +6.8% yoy after falling by -5% in November and -3.1% in October. According to Moody’s agency, part of the December growth was due to a low base amid trade wars and a downturn in electronics sales. Recall that at the end of 2020, Singapore's GDP decreased by 6% (according to Moody’s). The decrease in the current account was 20%. The government debt rose to 130% of GDP. December inflation data, which will be released on 25 January, may affect the dynamics of the Singapore dollar. The projected deflation is -0.2 yoy. The Monetary Authority of Singapore (Central Bank of Singapore) rate is 0.06%.

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