Singapore Industrial Production for August increased 5.7% monthly and 11.2% annualized. Economists predicted an increase of 3.1% and 8.8%. Forex traders can compare this to Singapore Industrial Production for July, which decreased 2.8% monthly and increased 16.4% annualized.
The forecast for the NZD/SGD remains bearish after this currency pair has reached the top of its descending price channel. Price action moved above its flat Tenkan-sen, but the latest candlestick pattern confirms bearish dominance. The Kijun-sen is also flat, and the Ichimoku Kinko Hyo Cloud started to lose bullish momentum with the Senkou Span B flat. Traders should expect a rise in volatility as the CCI extends its advance until it reaches extreme overbought territory. A breakdown will offer traders a final sell signal.
Should price action for the NZD/SGD remain inside the or breakdown below the 0.9500 to 0.9550 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9525
- Take Profit Zone: 0.9340 – 0.9385
- Stop Loss Level: 0.9580
Should price action for the NZD/SGD breakout above 0.9550, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9580
- Take Profit Zone: 0.9630 – 0.9670
- Stop Loss Level: 0.9550
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