The preliminary Singapore GDP for the first quarter increased by 2.0% quarterly and 0.2% annualized. Forex traders can compare this to the Singapore GDP for the fourth quarter, which increased by 15.9% quarterly, and which decreased by 2.4% annualized.
The forecast for the NZD/SGD remains bearish, driven by positive fundamentals out of Singapore, while New Zealand experiences more downside pressures. With the Ichimoku Kinko Hyo Cloud narrowing and sloping lower, traders should expect more downside. The Kijun-sen flatlined, while the Tenkan-sen drifts marginally higher. After the CCI surged into extreme overbought territory with limited upside potential, a sell-off is likely to follow.
Should price action for the NZD/SGD remain inside the or breakdown below the 0.9425 to 0.9530 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9475
- Take Profit Zone: 0.9130 – 0.9200
- Stop Loss Level: 0.9595
Should price action for the NZD/SGD breakout above 0.9530, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9595
- Take Profit Zone: 0.9720 – 0.9770
- Stop Loss Level: 0.9530
Tesla | Fundamental Analysis
EUR/JPY | Euro to Japanese Yen Trading Analysis
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