USDSGD DOWNSIDE CONTINUATION
With the USD expected to fall we look to the USD crosses for short opportunities. We have already had one great trade on USDSGD last month and it has lined up again for another short opportunity.
The reason we expect USD to fall is due to the current downside of the US Government Bonds. The prices of the Bonds are falling and this can show a lack of investment in the greenback. A lack of investment can lead to the currency weakening and the bonds tend to act as a lead indicator for the USD strength/weakness.
Technically the daily chart formed a ringed high at the bearish moving averages showing potential downside. Weekly support sits at 1.3613 and would be first targets.
The reason we expect USD to fall is due to the current downside of the US Government Bonds. The prices of the Bonds are falling and this can show a lack of investment in the greenback. A lack of investment can lead to the currency weakening and the bonds tend to act as a lead indicator for the USD strength/weakness.
Technically the daily chart formed a ringed high at the bearish moving averages showing potential downside. Weekly support sits at 1.3613 and would be first targets.