Mar. 3, 2021
USD/SGD today at a glance – USD/SGD is trading steadily today, ranging between 1.3307 and 1.328 and is now at 1.33. The United States ADP Nonfarm Employment Change (Feb) is next. (Trade Singapore Dollar with FXTM now).
USD/SGD technical analysis picture ahead of data: The chart visual study suggests the Singapore Dollar's 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 1.3347, indicating a downward move might be next.
Overall, technical indicators suggest the Singapore Dollar has no obvious direction for the immediate future.
As the market gets ready for data release – The HANG SENG INDEX is up 2.7% to 29,880.42 SSE is trading around 3,577 after starting the session at 3,508.59 (up 1.95%).
Earlier data releases related to Singapore Dollar – data for United States API Weekly Crude Oil Stock released yesterday at 9:30 PM came out at 7.36 million, beating projections of -1.85 million and showing improvement over the preceding figure of 1.03 million.
Coming up for USD/SGD – today at 3:30 PM, data for United States Crude Oil Inventories will be released, with an expected decline to -928,000 from the preceding figure of 1.28 million. 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.