USD/SGD Range Breakout Brings Continuation!

Olimpiu Tuns
20 August 2021 | Updated: 20 August 2021

USD/SGD moves sideways in the short term. It has decreased a little, but the bias is still bullish. That’s why we could still search for long opportunities. The Dollar Index has continued to increase, so the greenback could resume its appreciation.

USD has received  a helping hand from the US Unemployment Claims in yesterday’s session. The economic indicator was reported at 348K below 362K expected and compared to 377K in the previous reporting period. Today, we don’t have any significant data from the US.

USD/SGD H4 Technical Analysis!

USD/SGD is still bullish as long as it stays above the 1.3626 former low. It moves in a range after failing to close above 1.3651 level. An upside breakout from the current range could signal an upside continuation.

The upside scenario could be invalidated by a valid breakdown below 1.3626 former low. DXY’s further growth could help the greenback to resume its appreciation.

Conclusion!

USD/SGD could resume its growth if it stays above 1.3626 and beyond the weekly R2 (1.3631) level.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.