USDSGD surges, gaining 75 pips (0.53%) within a single day

US Dollar/Singapore Dollar (USDSGD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team


USDSGD soars, gaining 75 pips (0.53%) within a single day
USDSGD breaks back above 20-day moving average
USDSGD dominated by bulls lifting the market higher throughout the day
USDSGD fails to close above 50-day moving average
USDSGD closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, USDSGD ended the week -0.13% lower at 1.4250 after surging 75 pips (0.53%) today. This is the biggest single-day gain in over a month. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 1.4181, the forex pair confirmed its breakout through the prior session high after trading up to 79 pips above it intraday.

Daily Candlestick Chart (USDSGD as at May 22, 2020):

Daily technical analysis candlestick chart for US Dollar/Singapore Dollar (USDSGD) as at May 22, 2020

Friday's trading range has been 98 pips (0.69%), that's far above the last trading month's daily average range of 68 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for USDSGD.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on March 23rd, USDSGD lost -0.99% on the following trading day.

USD/SGD managed to close back above the 20-day moving average at 1.4177 for the first time since May 15th. After spiking up to 1.4260 during the day, the pair found resistance at the 50-day moving average at 1.4251.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for USD/SGD. Out of 125 times, USDSGD closed lower 58.40% of the time on the next trading day after the market condition occurred.

With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.47% and EURUSD closing -0.44% lower. On the flipside the best performers have been USDCAD closing 0.33% higher and USDCHF gaining 0.08%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDCZK surging 1.09% and USDHUF closing 0.9% higher. The worst performers of the day have been USDMXN tanking -0.58% and SGDHKD closing -0.51% lower. Read more

Market Conditions for USDSGD as at May 22, 2020

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