Our free forex signals service trade for today is a buy order on the USD/SGD pair.
The USD/SGD pair is moving somehow sideways, within a narrow range. This could represent an upside reversal pattern after the price action has shown some oversold signs. Still, we have to wait for a strong upside
The greenback is bullish after receiving a helping hand from the US CB Consumer Confidence, Richmond Manufacturing Index, and from the New Homes Sales indicators. The economic figures have come in better than expected in yesterday’s session.
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USD Needs A Bullish Spark
As you already know, the Dollar Index has turned to the upside after escaping from a reversal pattern in the short term. Still, the index needs more support from the US economy to be able to approach and reach new highs.
The US Durable Goods Orders could register a 1.1% drop in September, while the Core Durable Goods Orders is expected to report a 0.4% growth in the last month versus a 0.3% growth in August.
In addition, the Goods Trade Balance could drop to -88.2B from -87.6B, while the Prelim Wholesale Inventories may register a 1.0% growth in September. Better than expected US data could boost the USD.
From the technical viewpoint, the USD/SGD tries to escape from the symmetrical triangle. Failing to stay within the descending pitchfork’s body and failing to come back down towards 1.3419 lower low signalled a potential upside reversal.
Free forex signals – BUY GBP/USD at 1.3799
Free forex signals entry price and take profit
Instrument: USD/SGD
Order Type: BUY STOP
Entry price: 1.3502
Stop Loss: 1.3447
TP1: 1.3584
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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