USDSGD pushes through Thursday's high
US Dollar/Singapore Dollar (USDSGD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, USDSGD ended the week 0.22% higher at 1.3923 after gaining 29 pips (0.21%) today on low volume. Today's close at 1.3923 marks the highest recorded closing price since May 18, 2017. Closing above Thursday's high at 1.3901, USD/SGD confirmed its breakout through the previous session high after trading up to 28 pips above it intraday.
Daily Candlestick Chart (USDSGD as at Feb 14, 2020):
Friday's trading range has been 44 pips (0.32%), that's slightly below the last trading month's daily average range of 48 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for USDSGD.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 1.3942 is within reach and we might see further upside momentum should the forex pair manage to break out beyond.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for USD/SGD. Out of 549 times, USDSGD closed lower 53.37% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after seven trading days, showing a win rate of 53.37% with an average market move of -0.03%.
With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more