*Trade Update: The Global Currency Scalper liquidated the USD/SGD positions around 1.31810 picking up a profit of approximately 16 Pips.
As of 12/17/2014 @ 19:30
We have identified a long opportunity in USD/SGD. As you can see from the daily chart above the overall trend is to the upside and with the FOMC announcement out of the way this pair is poised to move higher over the next few hours, possibly a day or two.
A strong reversal from this weeks shallow pullback held the 23.6% Fibonacci level showing signs of strong buying interest. This recovery is putting 1.31380 to 1.31550 resistance in focus and if broken by 10 - 15 Pips could see a move higher to 1.32400 target.
The Global Currency Scalper will continue to have an upward bias unless prices fall below the 1.29900 level. We will be looking to go long if the USD/SGD can take out the 1.31650 level.