Search ForexCrunch

Our free forex signals service trade today is a buy order on the USD/SGD pair.

The USD/SGD pair is dropping at the time of writing as the DXY drops. It’s traded at 1.3440 and it seems heavy after registering only false breakouts above the immediate resistance levels.

Despite better than expected US data, the greenback lost significant ground versus its rivals. Still, the current sell-off could be only a temporary one as the currency pair stands above a major demand zone. 

Yesterday, the US retail sales indicators, Industrial Production, and the Capacity Utilization came in better than expected. Unfortunately for the USD, the Dollar Index is under strong bearish pressure.

3 Free Forex Every Week – Full Technical Analysis

US Unemployment Claims 217K Expected

Later today, the United States Unemployment Claims could drop from 223K to 217K in the last week which could be good for the USD. Moreover, the Philly Fed Manufacturing Index, Building Permits, Housing Starts will be released as well.

In the short term, the USD/SGD pair drops after registering only false breakouts above the 1.3451 weekly pivot point and through the downtrend line. The 1.3419 level stands as a strong downside obstacle. As long as it stays above it, the price could still develop a new leg higher. 

Free forex signals – Buy USD/SGD at 1.3465

free forex signals - usdsgd

Free forex signals entry price and takes profit

Instrument: USD/SGD

Order Type: BUY STOP

Entry price: 1.3465

Stop Loss: 1.3415

TP1: 1.3568

My Risk: 1%

Risk / Reward Ratio: 1:2

Looking to trade forex now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.