Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Yesterday’s trade saw USD/SGD within the range of 1.2712-1.2780. The pair closed at 1.2721, losing 0.28% on a daily basis.

At 8:24 GMT today USD/SGD was up 0.01% for the day to trade at 1.2721. The pair touched a daily high at 1.2732 during early Asian trade.

Fundamental view

United States

Initial, Continuing Jobless Claims

The number of people in the United States, who filed for unemployment assistance for the first time during the week ended on September 26th, probably rose to 297 000 from 293 000 in the prior week. The 4-week moving average, an indicator lacking seasonal effects, was reported at 298 500, or a decrease by 1 250 from the previous weeks revised average. The prior weeks average was revised up by 250 from 299 500 to 299 750.

In the week ended on September 12th the number of claims reached 280 000, or the lowest in eight weeks.

Initial jobless claims number is a short-term indicator, reflecting lay-offs in the country. In case the number of claims increased more than projected, this would have a bearish effect on the greenback.

The number of continuing jobless claims probably decreased to the seasonally adjusted 2 438 000 during the week ended on September 19th, from 2 439 000 in the previous week. The latter was an increase by 7 000 compared to the revised number of claims, reported during the week ended on September 5th. This indicator represents the actual number of people unemployed and currently receiving unemployment benefits, who filed for unemployment assistance at least two weeks ago.

The Department of Labor is to release the weekly report at 12:30 GMT.

Factory Orders

Factory orders in the United States probably dropped 9.0% in August compared to July, following a surge by 10.5% in the prior month, or the largest monthly increase on record, supported by an increase in transportation equipment. Excluding the sector of transportation, factory orders dropped 0.8% in July. This indicator presents the total value of new purchase orders, placed at manufacturers for durable and non-durable goods, and can provide insight into inflation and growth in US manufacturing sector. In case new orders dropped more than anticipated, this would have a bearish effect on the greenback. US Census Bureau will release the official data at 14:00 GMT.

Technical view

usd-sgd

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.2738. In case USD/SGD manages to breach the first resistance level at 1.2763, it will probably continue up to test 1.2806. In case the second key resistance is broken, the pair will probably attempt to advance to 1.2831.

If USD/SGD manages to breach the first key support at 1.2695, it will probably continue to slide and test 1.2670. With this second key support broken, the movement to the downside will probably continue to 1.2627.

The mid-Pivot levels for today are as follows: M1 – 1.2649, M2 – 1.2683, M3 – 1.2717, M4 – 1.2751, M5 – 1.2785, M6 – 1.2819.

In weekly terms, the central pivot point is at 1.2713. The three key resistance levels are as follows: R1 – 1.2790, R2 – 1.2833, R3 – 1.2910. The three key support levels are: S1 – 1.2670, S2 – 1.2593, S3 – 1.2550.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: GBP/USD records modest gains as markets wait for fresh catalysts, US services data in focusForex Market: GBP/USD records modest gains as markets wait for fresh catalysts, US services data in focus Having registered its first week of gains in four last week, GBP/USD traded modestly higher, close to the 1.2500 mark, in early European session on Monday, as markets awaited fresh catalysts that could trigger a move in either direction. […]
  • EUR/USD retreats ahead of the release of US Pending Home SalesEUR/USD retreats ahead of the release of US Pending Home Sales The euro lost ground against the US dollar on Monday, as markets awaited the release of the report on Pending Home Sales out of the United States.EUR/USD hit a session low at 1.3534 at 8:30 GMT, losing 0.2% on a daily basis. Support was […]
  • FTSE 100 index little changed ahead of Yellen speechFTSE 100 index little changed ahead of Yellen speech Britains headline index was mostly flat on Friday with a quiet corporate diary and economic calendar and as investors awaited Fed Chairwoman Janet Yellens speech for signs whether the central bank will raise its benchmark interest rate sooner […]
  • Gold rallies to 3-1/2-month high on safe haven demandGold rallies to 3-1/2-month high on safe haven demand Gold advanced on Monday to the strongest level since October, after downbeat US economic data fueled speculations the US economy may slow its growth, boosting demand for haven assets. Billionaire John Paulson, the owner of the largest stake in […]
  • Forex Market: EUR/CHF daily trading outlookForex Market: EUR/CHF daily trading outlook Yesterday’s trade saw EUR/CHF within the range of 1.2068-1.2036. The pair closed at 1.2041, down 0.14% on a daily basis.At 7:28 GMT today EUR/CHF was up 0.01% for the day to trade at 1.2045. The pair touched held in a daily range of […]
  • Brent Oil Headed to a Weekly GainBrent Oil Headed to a Weekly Gain Brent crude rebounded from an early decline and rose above $104 today, heading for a weekly high. Gains however were limited by a weaker demand. Brents price was supported by a rally in refined products, steadier European equities and an Iraqi […]