Even though we've only witnessed sluggish movements from the Dollar over the past few weeks, the general idea and bias still seem intact and untampered. The bullish impulse however can be seen as "searching for support".
USD/SGD contiues the downtrend
2019-11-11 • Updated
SELL 1.3490; TP 1.3440; SL 1.3505
USD/SGD was rejected last week by the 100-week MA and 200-day MA in the 1.3580 area but managed to close the week above 50-week MA (1.3525). The new week started with the price below this line. On D1, the downtrend continues, MAs are in the bearish position. Still, to sell we would like to see a break below the recent lows (1.35). The target will lie at 50% Fibo of the 2018 advance at 1.3440.
As I earlier indicated in my article this week, I am expecting an upward push from the Dollar as a reaction from the Demand zone I have marked out. The PPI release earlier moved prices a bit but lacked sufficient momentum to cause a significant break of structure - and thus, no change of trend.
Markets are pricing Feds 75-basis-points rate hike. Thus, all attention will be drawn to Powell's rhetoric regarding the next decision at the December 14 meeting. How will it affect the USD?
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.