USD/SGD: a short-term idea
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Trade idea
SELL 1.3628; TP 1.3598; SL 1.3638
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.
