USDSGD closes lower for the 4th day in a row
US Dollar/Singapore Dollar (USDSGD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, USDSGD ended Wednesday at 1.3586 losing 25 pips (-0.18%). Closing below Tuesday's low at 1.3589, the currency confirmed its breakout through the previous session low after trading up to 25 pips below it intraday.
Daily Candlestick Chart (USDSGD as at Sep 16, 2020):
Wednesday's trading range has been 58 pips (0.43%), that's slightly above the last trading month's daily average range of 57 pips. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for USDSGD.
Prices are trading close to the key technical support level at 1.3560 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
As prices are trading close to September's low at 1.3560, downside momentum could accelerate should the FX pair mark new lows for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for USD/SGD. Out of 86 times, USDSGD closed lower 52.33% 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 nine trading days, showing a win rate of 54.65% with an average market move of -0.05%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.61% and NZDUSD closing 0.27% higher. On the flipside the worst performers have been USDJPY closing -0.47% lower and EURUSD losing -0.25%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPPLN surging 0.81% and ZARJPY closing 0.78% higher. The worst performers of the day have been EURZAR tanking -1.42% and CHFZAR closing -1.28% lower. Read more