Mar. 3, 2021
The Singapore Dollar today at a glance – USD/SGD trading at 1.3294 with no clear-cut direction, ranging between 1.3307 and 1.3289. The United States ADP Nonfarm Employment Change (Feb) is next. (Trade Singapore Dollar with FXTM now).
USD/SGD technical analysis picture ahead of data: visual analysis of the Singapore Dollar's price graph shows USD/SGD nearest support level is at 1.3187. In terms of trend indicators, we can see that at 1.33, USD/SGD made an initial breakout above the 3 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that the upper Bollinger band is at 1.3346, indicating a downward move might be next.
Overall, the technical analysis suggests the Singapore Dollar is neutral for the immediate future, with no clear-cut direction.
As the market gets ready for data release – The NASDAQ is trading around 13,358.79 (down 230.04 points).
Earlier data released related to Singapore Dollar – United States API Weekly Crude Oil Stock came out at 7.36 million, above the estimate of -1.85 million. This is also a step forward from the previous data of 1.03 million.
Coming to USD/SGD – projections for United States Crude Oil Inventories are set for a continuation of decline with -928,000 while the previous data was 1.28 million, Data will be released today at 3:30 PM. Tomorrow at 1:30 PM, data for United States Initial Jobless Claims will be released, with an expected decline to 750,000 from the preceding figure of 730,000.
Live - Updated 57 minutes ago.
