USD/SGD Price Action: A Bearish Outlook Emerges

2 days ago

Yesterday, the USD/SGD currency pair rebounded at a supply zone around 1.34500, creating a bearish candle that has persisted into today. As I write this, the price is currently around 1.34195.

Analyzing the technical landscape, the latest Commitment of Traders (COT) report reveals that retail traders remain in long positions, while other market participants have adopted a more neutral stance without clear positioning. This scenario could allow the Singapore Dollar to capitalize on a potential retracement of the US Dollar, potentially enhancing its value.

Looking at historical trends, our forecasting data indicates that over the past decade, this period of the year has frequently seen bearish retracements for the USD against the Singapore Dollar. Given the prevailing market conditions, traders may want to consider positioning themselves for short opportunities.

As the market evolves, it is crucial to monitor price movements and broader economic trends closely to make well-informed trading decisions.

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